Ark Invest Sells $6.4 Million Worth of Coinbase Shares

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Ark Invest, the investment firm led by Cathie Wood, has sold an additional 25,662 shares of Coinbase (COIN), worth $6.4 million, as part of its ongoing re-balancing strategy. The firm sold 22,690 shares worth $5.7 million from its Innovation ETF and 2,972 shares worth $742,000 from its Next Generation Internet ETF. This marks the first major sale of Coinbase (COIN) shares by Ark Invest since it offloaded $21 million worth of the stock in March 2021. The firm's investment strategy aims to maintain diversification within its funds by not allowing any individual holding to take up more than 10% of an ETF's portfolio. As Coinbase's stock price continues to rise relative to other holdings, Ark Invest will likely continue to re-balance its fund weightings.

Oppenheimer, a New York-based investment bank and financial services firm, recently raised its price target for Coinbase to $276, up from a previous target of $200, while reiterating its buy rating. According to Oppenheimer's Executive Director, Owen Lau, the adoption of digital assets continued after the approval of spot Bitcoin ETFs in January, and the firm estimates that Coinbase's trading volume will increase by 95% quarter-on-quarter and 107% year-on-year to $300 billion. Oppenheimer's price target is 10.5% higher than Coinbase's closing share price of $249.61 on Thursday. Coinbase (COIN) currently has a market value of $46.4 billion.

Technical Outlook
Coinbase (COIN) stock is trading above the 200-day Moving Average (MA) with a moderate Relative Strength Index (RSI) of 53.70 not indicating a clear cut of the stock abode. COIN is down by 1.67% as at the time of writing aiming towards the Support Level of $228 mark.