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Coinbase Stock Update, ARK Invest Sells Millions in Coordinated ETF Sale
Coinbase Stock Update – Famed investor Cathie Wood’s firm, ARK Invest, has made a significant move by selling shares of the cryptocurrency exchange Coinbase Global Inc. (COIN). According to the latest trading report, the company offloaded a total of 124,892 Coinbase shares, amounting to approximately $43.8 million. This sale is seen as part of ARK’s ongoing efforts to restructure its crypto-focused stock positions.
Simultaneous Sales Across Three ETFs
The sale was executed through three different exchange-traded funds (ETFs) managed by ARK Invest:
- ARK Innovation ETF (ARKK): sold 77,956 shares
- ARK Next Generation Internet ETF (ARKW): sold 29,802 shares
- ARK Fintech Innovation ETF (ARKF): sold 17,134 shares
This coordinated move highlights ARK’s strategy to adjust its risk management within the crypto sector.
Latest on Coinbase Stock Performance
On Monday, Coinbase shares (COIN) closed down by 0.83% at $350.49, despite impressive gains over recent periods — up 42.12% in the past month and 41.16% year-to-date. Notably, Coinbase reached a peak closing price of $375.07 on June 26, marking its highest daily close since its April 2021 IPO.
The stock’s strong performance is partly attributed to increased market interest following the public debut of Circle, a major player in the crypto ecosystem.
Bernstein Raises Coinbase Price Target to $510
In a recent update, research and brokerage firm Bernstein raised its price target for Coinbase from $310 to $510. The firm cited improved earnings forecasts, emerging growth drivers, and a revised valuation framework as key reasons behind this bullish outlook.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
