According to The Block: Following a series of analyst upgrades for Coinbase due to its strong fourth-quarter performance, ARK Invest has sold roughly half a million shares valued at around $90 million in the centralized crypto exchange.
ARK Invest, headed by Cathie Wood, is recognized as one of Coinbase’s biggest institutional advocates. The firm sold 499,149 COIN shares from its exchange-traded funds. These included 397,924 from its ARK Innovation ETF (ARKK), 55,792 from its ARK Fintech Innovation ETF (ARKF), and 45,433 from its ARK Next Generation Internet ETF (ARKW).
KBW, Canaccord Genuity, Wedbush, and JPM Securities were among the analyst firms that upgraded Coinbase based on the company’s stellar Q4 results. However, J.P. Morgan analyst Kenneth Worthington maintained a more skeptical outlook, citing ambivalence about the real impact of earnings, despite acknowledging areas of strength. Worthington also criticized the crypto exchange for its lack of transparent information regarding its ETF custodial services.