Despite the favorable market performance of Coinbase Global Inc. stock on Thursday, Cathie Wood-led Ark Invest took a noteworthy move by selling shares of the company.
The COIN Exchange
Many were taken aback by Ark Invest's decision to sell Coinbase shares, considering the stock's positive movement on the day of the transaction. Notably, at the time of writing, significant cryptocurrencies like Bitcoin were trading mixed. While Ethereum saw a 0.3% decrease in value at $3,268.90, the leading cryptocurrency saw a 2.7% increase at $67,632.08.
On Thursday, shares of Coinbase were up. The ETFs that sold 22,690 and 2,972 shares, respectively, were Ark Fintech Innovation ETF and ARK Next Generation Internet ETF, which were involved in the trade. Based on the most recent closing price of $249.61, the trade was valued at almost $6.4 million.
It's interesting to note that the sale took place the same day that Oppenheimer, a financial firm based in New York, increased its target price for Coinbase shares from $200 to $276. At $251.58, the closing share price of Coinbase on Wednesday, this new target price is approximately 10% higher.
April 2024, Cryptoniteuae