Benzinga - On Thursday, Cathie Wood-led Ark Invest made a significant move by selling shares of Coinbase Global Inc (NASDAQ:COIN), despite the stock’s positive market performance on the same day.
The COIN Trade
Ark Invest’s decision to offload Coinbase shares came as a surprise to many, given the stock’s upward trajectory on the day of the trade. Notably major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded mixed at the time of writing. The apex cryptocurrency was seen 2.7% higher at $67,632.08, while Ethereum traded 0.3% lower at $3,268.90.
According to a Benzinga report, Coinbase shares were trading higher on Thursday. The ETFs involved in the trade were Ark Fintech Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW), which sold 22,690 and 2,972 shares respectively. The value of the trade, calculated from the latest closing price of $249.61, amounted to approximately $6.4 million.
Interestingly, the sale occurred on the same day that New York-based financial firm Oppenheimer raised its share price target for Coinbase to $276, up from a previous target of $200. This new target price is around 10% higher than Wednesday’s closing share price of Coinbase, which was $251.58.
Other Key Trades:
- ARKF bought shares of SoFi Technologies Inc (NASDAQ:SOFI) and of Roblox Corp (NYSE:RBLX).
- ARKF sold shares of Twilio Inc (NYSE:TWLO), while ARKG bought those of 10x Genomics Inc (NASDAQ:TXG) and of Verve Therapeutics Inc (NASDAQ:VERV).
- ARKW bought shares of Roku Inc (NASDAQ:ROKU) and sold shares of Twilio Inc (NYSE:TWLO).
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