In a surprising move, Cathie Wood’s ARK Invest has divested over $97 million worth of Coinbase (COIN) shares in February, despite the cryptocurrency exchange’s stellar Q4 earnings report. Despite Coinbase’s revenue of $953.8 million, which surpassed analysts’ expectations, ARK Invest seems to be following its own investment strategy by shedding nearly $100 million in COIN shares.
Data from CathiesArk reveals that ARK Invest executed two transactions involving COIN shares in February, offloading more than 544,000 shares valued at over $97 million at the prevailing share price. Cumulatively, ARK Invest has sold nearly $130 million worth of COIN shares since the beginning of the year.
Despite this sell-off, ARK Invest CEO Cathie Wood remains bullish on Coinbase, emphasizing that the platform is “executing brilliantly.” In an interview with Yahoo Finance, Wood expressed optimism about Coinbase’s price performance, suggesting that the rally has only just begun, as her firm maintains a significant stake in the exchange.
“So, we think we have just begun from a price appreciation point of view. This is part of a journey,” remarked Cathie Wood.
As of the latest data, ARK Invest still holds a position of over 4.8 million COIN shares. Earlier reports indicated that Coinbase’s revenue growth in Q4 2023 surged by 45.2% compared to the previous quarter, with a net income of $273 million, or $1.04 earnings per share, exceeding analysts’ expectations by a significant margin. Despite these positive metrics, ARK Invest’s recent divestment suggests a divergence in investment strategy.
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