ARK Invest Sells $90M of Coinbase Shares

ARK Invest sold approximately $90 million worth of shares of Coinbase Global (COIN) on Friday.

This move came as the Nasdaq-listed cryptocurrency exchange received positive feedback from analysts following its fourth-quarter earnings report, which exceeded expectations set by market analysts.

As one of the primary institutional backers of Coinbase, ARK Invest sold a total of 499,149 COIN shares, including 397,924 shares from ARK Innovation ETF (ARKK), 45,433 shares from ARK Next Generation Internet ETF (ARKW), and 55,792 shares from ARK Fintech Innovation ETF (ARKF).

The stock price of Coinbase increased by nearly 27% to $180.31 during the week, largely due to the positive earnings report. In response, KBW upgraded the stock from underperform to market perform and raised its price target to $160 from $93.

Other analysts at Wedbush, Canaccord Genuity, and JMP Securities also raised their price targets for Coinbase.