• ARK sold 499,149 shares of Coinbase from its three funds.

• The sale came after Coinbase beat its fourth-quarter earnings expectations, leading to a string of analyst upgrades.

ARK Invest sold nearly half a million shares of Coinbase Global (COIN), worth around $90 million, on Friday as the Nasdaq-listing cryptocurrency exchange witnessed a slew of analyst upgrades after its fourth-quarter results beat Wall Street expectations.

ARK is one of the largest institutional backers of Coinbase.

The Cathie Wood-led investment firm sold 397,924 COIN shares from ARK Innovation ETF (ARKK), 45,433 shares from ARK Next Generation Internet ETF (ARKW), and 55,792 shares from ARK Fintech Innovation ETF (ARKF), bringing the total number of shares sold to 499,149.

Shares in Coinbase rose nearly 27% to $180.31 last week, as it reported upbeat fourth-quarter results.

After the results, KBW upgraded the stock to market perform from underperform and raised its price target to $160 from $93. Analysts at Wedbush, Canaccord Genuity, and JMP Securities increased its price target.

However, other analysts were less optimistic, with JPMorgan criticizing the exchange for its lack of clarity on how the spot bitcoin exchange-traded funds boosted its business. Mizuho was also critical of Coinbase’s performance and maintained its underperform rating and $60 price target.

ARK also sold $6.72 million shares of trading platform Robinhood (HOOD) on Friday.

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