In a notable move on Thursday, Cathie Wood-led Ark Invest adjusted its portfolio by selling shares of Coinbase Global Inc (NASDAQ:COIN) following the company’s announcement of its fourth-quarter results, which revealed a surprise profit.
The Coinbase Trade
The firm sold a total of 162,762 Coinbase shares, worth $26.7 million, through its flagship ARK Innovation ETF (NYSE:ARKK) and ARK Genomic Revolution ETF (BATS:ARKG). On Thursday, Coinbase shares closed 3.3% higher at $165.67.
This decision came on a day when Coinbase’s financial achievements were in the spotlight, showcasing a significant beat on both top and bottom lines, with a reported fourth-quarter revenue of $953.79 million against the expected $822.36 million and earnings of $1.04 per share, surpassing the anticipated loss of 1 cent per share.
Notably, the Ark trade also comes when cryptocurrencies, including Bitcoin (CRYPTO: BTC), are enjoying a significant uptick in valuations. The “Coinbase Premium Index,” which measures the price difference for Bitcoin between Coinbase and Binance, rose to 0.12 on Thursday. This is the highest level it has reached since May 2023, according to data from analytics company CryptoQuant.
The Nvidia and Alphabet Trades
Ark Invest also made significant moves in the AI sector, selling shares of Nvidia Corporation (NASDAQ:NVDA) and Alphabet Inc (NASDAQ:GOOGL), both pivotal players in the ongoing AI frenzy.
Ark sold 4,671 Nvidia shares through ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) and ARKG. The transaction was worth $3.4 million as the company’s shares closed 1.68% lower at $726.58 for the day.
The Wood-led firm sold 12,146 Alphabet’s Class C shares through ARKQ. This transaction is worth $1.75 million. On Thursday, Alphabet’s Class C shares closed 2.17% lower at $143.94.
Nvidia, now the world’s fourth most valuable company due to its crucial role in AI technology, saw its shares sold by Ark amidst concerns over its high valuation despite its significant contributions to AI advancements.
While, Alphabet’s shares were traded lower following news of OpenAI’s plans to launch a web search tool, potentially challenging Google’s dominance in the search engine market. This development marks a pivotal moment in the tech industry, with Alphabet facing new competition in an…
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