- The business sold 12,077 shares of Coinbase Global Inc., valued at $2.7 million.
- The crypto exchange has an impressive track record of outperforming sales projections.
Ark Invest, which is headed by Cathie Wood, has sold off a substantial number of Coinbase (COIN) shares just before the cryptocurrency exchange reports its Q2 results.
The recent sale of more than 12,000 COIN shares, according to data made public today, has sparked fears of a potential price decline in the cryptocurrency stock. Speculation in the market continues to revolve on Wood’s business and its potential to profit from the COIN stock’s recent strong performance.
The business sold 12,077 shares of Coinbase Global Inc., valued at $2.7 million as of July 31. This is according to a public post by Cathie Wood’s Ark Invest on X today. This has ignited conversations all around the world. As the crypto exchange prepares to release its Q2 financial report later today.
Impressive Track Record
Although the price of COIN shares traded at $224.36, down slightly by 0.045% today, it is worth noting that Coinbase has surpassed its earlier predictions. Despite the aforementioned selloff, the crypto exchange has an impressive track record of outperforming sales projections for six consecutive quarters.
According to Wall Street analysts, COIN stock is expected to post quarterly earnings per share (EPS) of $1.07. This would be a 354.8% year-over-year gain. In addition, sales are expected to hit $1.45 billion, up 104.9% over Q2 of last year.
But it’s important to remember that in the last 30 days, experts have collectively lowered their current quarterly EPS projections by 1.5 percent. However, crypto stocks have been given a positive stage by the increasing popularity of the crypto sector. Especially, with the launch of Ethereum and Bitcoin ETFs. In addition, recent transactions reveal that Cathie Wood’s business is shifting capital into the burgeoning AI industry.
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