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Investors are closely watching Coinbase’s earnings report as shares of the crypto giant COIN are up more than 214% YTD. The fresh boost was provided after the crypto exchange reached an agreement with Cboe’s BZX exchange to maintain a watch-sharing agreement for its five spot bitcoin ETF applications.
As a result, funds affiliated with Cathy Wood’s ARK Investments have rushed to profit from the stock rally.
ARK Invest Offload Coin
The investment fund, led by bitcoin bull Cathy Wood, acquired a significant amount of Coinbase shares during the bear market. While Wood remains bullish on the court ruling against the SEC and Coinbase in favor of Ripple’s XRP, ARK Invest has sold $88.5 million worth of COIN shares over the past two weeks.
On July 11, the investment firm sold $12 million worth of COIN shares as the stock climbed to a one-year high. Approximately $50.5 million worth of shares, representing 485,000 COIN, were sold on July 14 to three different funds. ARK Investment’s three ETFs cashed in on COIN’s recent rally, selling a total of 248,838 shares worth $26.3 million on a Monday basis. closing price of $105.5.
After a bad start, Coinbase reported a net loss of $79 million in the first quarter of this year, down from $430 million during the same period last year. In a shareholder letter, Coinbase said this was a “turning point” in building a more efficient and financially disciplined company.
Industry players are bullish on Coinbase as COIN shares see a change despite the crypto exchange receiving a Wales notice in March and being hit by a lawsuit from the United States Securities and Exchange Commission in June.
The crypto exchange is expected to release its second quarter earnings early next month.
Transfer of capital to the ‘backwards’
ARK Invest’s recent moves are unusual as it made a series of purchases of Coinbase’s stock during the crypto winter. However, Wood attributed the sale to simple profit-taking. most recently in bloomberg Interview, the executive said the investment firm is looking to move “potentially some capital to backers” instead. He added,
“The flow is coming back. One of the reasons, ARKK established a base last year and it has been trading up and down through that base. I think a lot of investors and technically oriented people are now looking at a change in our strategy. We’ll see if it continues. We have enjoyed positive inflows in July, which has cut outflows in half.
In addition to COIN, ARK also sold $13 million worth of Tesla (TSLA) shares and bought additional shares of Meta Platforms (META) and Robinhood (HOOD) instead.
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
Investors are closely watching Coinbase’s earnings report as shares of the crypto giant COIN are up more than 214% YTD. The fresh boost was provided after the crypto exchange reached an agreement with Cboe’s BZX exchange to maintain a watch-sharing agreement for its five spot bitcoin ETF applications.
As a result, funds affiliated with Cathy Wood’s ARK Investments have rushed to profit from the stock rally.
ARK Invest Offload Coin
The investment fund, led by bitcoin bull Cathy Wood, acquired a significant amount of Coinbase shares during the bear market. While Wood remains bullish on the court ruling against the SEC and Coinbase in favor of Ripple’s XRP, ARK Invest has sold $88.5 million worth of COIN shares over the past two weeks.
On July 11, the investment firm sold $12 million worth of COIN shares as the stock climbed to a one-year high. Approximately $50.5 million worth of shares, representing 485,000 COIN, were sold on July 14 to three different funds. ARK Investment’s three ETFs cashed in on COIN’s recent rally, selling a total of 248,838 shares worth $26.3 million on a Monday basis. closing price of $105.5.
After a bad start, Coinbase reported a net loss of $79 million in the first quarter of this year, down from $430 million during the same period last year. In a shareholder letter, Coinbase said this was a “turning point” in building a more efficient and financially disciplined company.
Industry players are bullish on Coinbase as COIN shares see a change despite the crypto exchange receiving a Wales notice in March and being hit by a lawsuit from the United States Securities and Exchange Commission in June.
The crypto exchange is expected to release its second quarter earnings early next month.
Transfer of capital to the ‘backwards’
ARK Invest’s recent moves are unusual as it made a series of purchases of Coinbase’s stock during the crypto winter. However, Wood attributed the sale to simple profit-taking. most recently in bloomberg Interview, the executive said the investment firm is looking to move “potentially some capital to backers” instead. He added,
“The flow is coming back. One of the reasons, ARKK established a base last year and it has been trading up and down through that base. I think a lot of investors and technically oriented people are now looking at a change in our strategy. We’ll see if it continues. We have enjoyed positive inflows in July, which has cut outflows in half.
In addition to COIN, ARK also sold $13 million worth of Tesla (TSLA) shares and bought additional shares of Meta Platforms (META) and Robinhood (HOOD) instead.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
