Cathie Wood's ARK Invest Takes Profits on Coinbase Stock

Profit at its Peak: ARK’s First Sale of 2023

In a move that has sent ripples through the investment community, Cathie Wood’s ARK Invest is cashing in on its Coinbase stock. On March 21, the firm sold off a chunk of its holdings—160,887 shares, to be exact—for a sweet $13.5 million. This isn’t just any old sale; it’s the first time ARK has let go of Coinbase stock in 2023, following three months of relentless buying.

What’s the Big Deal?

You might ask, “Is it really a big deal?” Well, yes. The shares sold represent a hefty 23% of all Coinbase stock ARK snatched up in March alone, and about 9% of the total shares acquired in 2023. Not too shabby for a day’s work!

What’s Left in the Pocket?

So, after cashing out, ARK isn’t exactly crying poor. The firm still holds nearly 1.6 million Coinbase shares from 2023, which are currently worth over $132 million! Talk about a rainy-day fund.

Coinbase Stock on the Rise

Now, let’s talk stock prices. On the day of the sale, Coinbase stock (COIN) closed at $83.99, hitting levels that we haven’t seen since September 2022. That’s a remarkable recovery of over 130% since the year started, though it’s still swimming around 54% down from its highs last year. It seems like this coin just loves a dramatic comeback!

The Ripple Effect in Crypto Market

This surge in Coinbase’s stock price coincides with the overall uplifting trend in the cryptocurrency market, bolstered by Bitcoin’s (BTC) stellar performance. Riding the wave of optimism, Bitcoin hit the $28,000 mark on March 22, achieving levels not seen in nine months. It’s a bit like seeing your favorite classic movie back in theaters; nostalgic and promising.

What’s Next for ARK?

Just days before selling, on March 9, ARK made its largest Coinbase purchase this year, snagging 301,437 shares for its ARK Innovation ETF (ARKK) and 52,525 shares for the ARK Next Generation Internet ETF (ARKW). Those shares, worth about $20.5 million at the time, are now valued at nearly $30 million. Looks like ARK is more than just lucky—they’ve got a game plan!