• Ark Invest sold 499,149 Coinbase shares across three funds.
• The sale comes after Coinbase’s fourth-quarter results beat expectations, prompting a flurry of analyst rating upgrades.

ARK Invest is trading on shares of the Nasdaq-listed crypto asset (virtual currency) exchange as Coinbase beats Wall Street expectations in its fourth quarter results and receives a series of analyst upgrades. The company sold 500,000 shares for approximately $90 million (approximately 13.5 billion yen, equivalent to 1 dollar = 150 yen) on February 16th.

Ark is one of Coinbase’s largest institutional investors.

Ark, the investment firm led by Cathie Wood, has acquired 397,924 shares from the Innovation ETF (ARKK), 45,433 shares from the Next Generation Internet ETF (ARKW), and 50,000 shares from the FinTech Innovation ETF (ARKF). He sold 5,792 Coinbase shares for a total of 499,149 shares.

Coinbase stock rose nearly 27% to $180.31 last week, reflecting strong fourth-quarter results.

After the results, KBW upgraded Coinbase’s rating from Underperform to Market Perform and raised its price target from $93 to $160. Analysts at Wedbush, Canaccord Genuity, and JMP Securities also raised their price targets.

But other analysts were less optimistic, with JPMorgan criticizing the lack of clarity on how Bitcoin (BTC) spot exchange-traded funds (ETFs) boosted Coinbase’s business. . Mizuho was also critical of Coinbase’s performance, maintaining its Underperform rating and $60 price target.

Ark also sold 6.72 million shares of trading platform Robinhood (HOOD) on the 16th.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Danny Nelson/CoinDesk
｜Original text: Cathie Wood’s ARK Offloads $90M Coinbase Shares Amid Slew of Analyst Upgrades