ARK Invest snaps up over 111,000 Coinbase shares for $18.4 million! What does this mean for $COIN?

Coinbase shares climbed in Thursday’s premarket trading after ARK Invest made a major purchase worth more than $18.4 million in COIN. The stock had closed the previous session at $164.92 and rose to $168.70 before markets opened, representing a 2.3 percent gain over its last close.

Major stake acquired through three funds

ARK Invest, led by Cathie Wood, added Coinbase shares across three of its exchange traded funds. As a US-based asset management firm known for its innovation-focused investment approach, ARK made a total purchase of 111,799 Coinbase shares for its portfolio.

The largest portion of the acquisition came through the ARK Innovation ETF, which snapped up 82,556 Coinbase shares worth roughly $13.61 million at closing prices. The ARK Next Generation Internet ETF added 20,268 shares, translating to an investment of about $3.34 million. Meanwhile, the ARK Fintech Innovation ETF picked up 8,975 shares valued near $1.48 million.

Analysts remain divided

The sizable purchase came on the heels of Coinbase’s recent System Update event, during which new products were announced and Wall Street analysts continued to disagree on the company’s future direction. The event prompted many to reevaluate Coinbase’s growth trajectory and its standing in the market.

Barclays reiterated its underweight rating on Coinbase after the event and left its price target unchanged at $107. In contrast, Benchmark maintained its buy rating and its price target of $270, noting that Coinbase has evolved beyond just a crypto brokerage into a broader platform for both institutional and retail users.

Bernstein also kept its buy recommendation and held its price target at $330. Cantor Fitzgerald, pointing to product development and expansion steps, maintained its buy rating and set a target price of $250.

ARK adjusts other key positions

Alongside this move, ARK Invest also made a series of adjustments across its tech, fintech, and crypto-themed holdings. Notably, the firm offloaded 275,572 shares of Robinhood Markets from its ARKK fund, a position worth around $28.5 million.

Robinhood shares closed Wednesday at $105.20, up 8.78 percent on the day. ARK’s sale appears timed to rebalance its portfolio during this rally. At the same time, the ARKK fund further added 236,759 shares of Block Inc. valued at approximately $17.24 million.

ARK’s sizable Coinbase buy follows its recent significant SpaceX acquisition. On June 12, ARK purchased more than 3.29 million shares of SpaceX across four ETFs, a stake that quickly grew in value from around $529.7 million to over $631 million. The latest Coinbase transaction underlines ARK’s ongoing active stance in crypto-related investments, even as opinions among analysts remain mixed.

The post ARK Invest snaps up over 111,000 Coinbase shares for $18.4 million! What does this mean for $COIN? appeared first on COINTURK NEWS.