Tiger Global fully exits Coinbase, stock price surges; Ark continues selling for rebalancing

According to the SEC 13F report, Coinbase's major pre-IPO investor Tiger Global Management has completely divested all COIN shares by the end of last year. Benefiting from the listing of a Bitcoin ETF and the recent surge in cryptocurrency prices, Coinbase has also seen a remarkable increase in its stock price, with a one-year return rate of 184% and institutional ownership exceeding 50%.

Tiger Global, an Early Investor in Coinbase

Tiger Global Management is a U.S. investment firm founded in March 2001. It primarily invests in global internet, software, consumer, and fintech industries, with a focus on growth-stage private companies from early to late stages, including investments from Series A to pre-IPO. Since 2003, its private equity business has invested in hundreds of companies across more than 30 countries.

Tiger Global was a major investor in Coinbase before its public listing, leading the exchange's $300 million Series E funding round in October 2018. The round was led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain, among others.

According to SEC 13F filings, Tiger Global had liquidated all COIN shares by the end of last year. In the third quarter of last year, the firm held 38,850 shares valued at $2.9 million. Was this a profit-taking move due to differing views on its prospects, or were there better investment opportunities?

From the reports, it can be seen that Tiger Global's holdings include Alphabet, Amazon, Meta, NVIDIA, TSMC, and the recent popular ARM, indicating a strong performance.

Ark Sells Coinbase for Rebalancing

Additionally, Ark Invest sold a total of 214,068 shares of Coinbase on 2/14, valued at approximately $34.25 million based on the closing price of $160 yesterday. This included reductions of 152,600 shares by ARKK, 30,009 shares by ARKF, and 31,459 shares by ARKW.

Ark's move was a result of Coinbase's significant appreciation, necessitating rebalancing to maintain its proportion within the overall fund.

The Art of Rebalancing: Ark Invest Continues to Sell Coinbase and Buy Block

Cathie Wood and Ark Invest's trade activity from today 2/14 pic.twitter.com/HcGkLKtmAT

— Ark Invest Daily (@ArkkDaily) February 15, 2024

Institutional Ownership of Coinbase Reaches 52%

According to Yahoo Finance data, institutional ownership of Coinbase stands at a high 52.18%. This includes holdings by Vanguard, Ark Invest, BlackRock, Sumitomo Mitsui Trust, and others, mostly through ETFs and other investment products managed by financial institutions.