Ark Invest Sells $43.8M in Coinbase Shares

Ark Invest, led by Cathie Wood, has sold $43.8 million worth of Coinbase shares spread across three of its exchange-traded funds (ETFs). The sale involves a total of 124,892 Coinbase shares. Specifically, the ARK Innovation ETF sold 77,956 shares, the ARK Next Generation Internet ETF unloaded 29,802 shares, and the ARK Fintech Innovation ETF sold 17,134 shares. This move comes as Coinbase's stock (COIN) saw a 0.83% dip to $350.49, despite a significant rise of 42.12% over the past month. Coinbase's stock reached a peak close of $375.07 on June 26, a new high since its market debut in April 2021, fueled by Circle's public listing. Analysts at Bernstein have recently raised Coinbase's price target to $510, based on improved earnings forecasts. It's important to note that The Block, a crypto news outlet, is majority-owned by Foresight Ventures, a company with investments in the crypto sector. This article is meant for informational purposes and should not be taken as financial advice.