tl;dr
Cathie Wood's ARK Invest has sold over 12,000 shares of Coinbase stock worth $2.7 million from its Next Generation Internet exchange-traded fund. Despite previous praise for Coinbase, the sell-off is part of the firm's investment strategy to rebalance its portfolio. Coinbase still constitutes a sign...
ARK Invest, led by Cathie Wood, has sold over 12,000 shares of Coinbase stock worth $2.7 million from its Next Generation Internet exchange-traded fund. Despite previous praise for Coinbase, the sell-off is part of the firm's investment strategy to rebalance its portfolio. Coinbase still constitutes a significant portion of ARK's holdings.
The crypto market is experiencing a downturn, with publicly traded crypto-related companies, including MicroStrategy, Marathon Digital, and Riot, seeing a decline in stock value. Bitcoin and other major cryptocurrencies have also decreased in value.
A Wednesday filing showed that ARK Invest sold the shares from its Next Generation Internet exchange-traded fund (ARKW). The sell-off comes despite Wood praising Coinbase and the crypto industry over the past year. ARK Invest's various ETFs have sold hundreds of millions worth of COIN since January.
It's more likely that the sales are part of the firm’s investment strategy, selling shares at a profit while rebalancing its portfolio. Wood’s ARK bought millions worth of COIN shares throughout late 2022 and 2023, and at much lower prices. Coinbase still makes up a significant chunk of ARKW, and Wood’s investment firm is one the largest investors in the San Francisco-based exchange, with over 3.3 million shares priced with a market value of over $703 million across three ETFs.
Coinbase stock is down over 3%, trading for $216.78 a pop, and over a 30-day period, it has shed over 7%. Since late 2022, however, when it was priced at under $35 per share, Coinbase stock is up over 500%.
Other publicly traded firms in the crypto space such as MicroStrategy, Marathon Digital, and Riot have also seen declines in their stock value due to the wider sell-off in the digital asset market.
Bitcoin, along with other major cryptocurrencies, has also dipped in value, with Bitcoin down by 6% in the past 24 hours, trading hands for $62,564. When major cryptocurrencies experience a sell-off, safer digital asset investments like mining stocks and crypto companies often plunge as well.
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Caterpillar Inc. (often shortened to CAT) is an American Fortune 100 corporation that designs, develops, engineers, manufactures, markets, and sells machinery, engines, financial products, and insurance to customers via a worldwide dealer network.
Industry: Technology, Construction Machinery & Equipment
Market Cap: $169.31 billion
Current Price: $15.65
Dividend Yield: 5.2%
P/E Ratio: 22.12
52-Week Range: $132.66 - $168.00
Relative Strength Index (RSI): 0.168
Revenue: $66.99 billion
EPS: $337.62
Debt-to-Equity Ratio: 0.537
Price/Earnings to Growth Ratio (PEG): -0.004
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NVIDIA Corporation is an American multinational technology company incorporated in Delaware and based in Santa Clara, California. It designs graphics processing units (GPUs) for the gaming and professional markets, as well as system on a chip units (SoCs) for the mobile computing and automotive market.
Sector: Manufacturing, Semiconductors & Related Devices
Market Cap: 287.85B
Current Price: $68.43
Change: 0.016 ( 1.71%)
Relative Strength Index (14): 3.234
Bollinger Bands (20, 2): 0.534
Revenue (ttm): $79.77B
EPS (ttm): $135.95
Dividend Yield: 6.5%
Beta: 2.621
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More about Coinbase Global Inc
Stock Analysis: Coinbase Global Inc. Stock Analysis: Coinbase Global Inc.
Company: Coinbase Global Inc.
Business: Provides financial infrastructure and technology for the crypto economy.
Headquarters: Wilmington, Delaware.
Sector: Finance
Industry: Finance Services
Market Cap: $55.095 billion
Current Price: $43.82
Dividend Yield: None
P/E Ratio: 5.12
EPS: 15.83
Beta: 0.357
Volume: 3,777,835,000
Average Volume: 267.11
Relative Volume: 3.27
Market Cap/Revenue: 1.156
More about MicroStrategy Incorporated
MicroStrategy Incorporated Summary
MicroStrategy Incorporated provides global business analysis software and services. The company is headquartered in Tysons Corner, Virginia.
Sector: TECHNOLOGY
Industry: SERVICES-PREPACKAGED SOFTWARE
Market Cap: $28,635,967,000
Dividend Yield: None
EPS: -10.66
P/E Ratio: 32.62
Profit Margin: -0.174
Revenue: $489,592,000
Net Income: $1,959.82
Debt/Equity: -0.775
Current Ratio: -0.055
More about Marathon Digital Holdings Inc
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Marathon Digital Holdings Inc,
Marathon Digital Holdings, Inc. is a cryptocurrency mining digital asset technology company with a focus on the blockchain ecosystem and digital asset generation in the United States. The company is headquartered in Las Vegas, Nevada.
Industry: REAL ESTATE & CONSTRUCTION
Sector: PATENT OWNERS & LESSORS
Market Cap: 5562420000
Current Price: 12.29
Dividend Yield: None
P/E Ratio: 1.6
EPS: 2.402
Beta: 0.956
Volume: 501574000
Stock Price Change (1 year): 23.56
50-Day Moving Average: 0.764
200-Day Moving Average: 2.231
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More about Riot Blockchain Inc
Riot Blockchain Inc Summary
Riot Blockchain, Inc. focuses on cryptocurrency mining operations in North America. The company is headquartered in Castle Rock, Colorado.
Industry
Life Sciences
Primary Product
In Vitro & In Vivo Diagnostic Substances
Revenue
$302,242,000
Stock Price
$24.53
Dividend
None
EPS
0.38
P/E Ratio
1.295
Beta
0.311
Volume
280,017,000
Market Cap
$17.55
Dividend Yield
6.36%
Price Change (52 weeks)
-0.088