ARK Invest sells 1.4 million Coinbase shares amid an SEC investigation
CryptoPress
The third-biggest stakeholder of the largest cryptocurrency exchange in the United States sold roughly $75 million worth of more than 1.41 million shares.
Cathie Wood is departing from Coinbase (COIN) after accumulating shares of the cryptocurrency exchange progressively over the course of the year.
Cathie Wood’s investment business, Ark Invest, sold more than 1.4 million Coinbase Global (COIN) shares on Tuesday, according to the company’s daily trade report.
ARK sold almost $75 million worth of three of its exchange-traded funds on Tuesday, according to the company’s daily trading report. Wood’s flagship Ark Innovation ETF (ARKK) sold for around $1.1 million, accounting for the majority of the selling.
The decision shows Wood’s faith in Coinbase may have waned as the biggest U.S. cryptocurrency exchange contends with steep losses in its share price amid a larger decline in digital assets, a broader halt in growth, and a standoff with the SEC.
Bloomberg data reveals that ARK Invest was the third-largest shareholder at the end of June. However, Wood’s company has now sold Coinbase for a record low price of $53 per share, after purchasing the stock at an average price of over $255, throwing yet another damage to ARK’s troubled roster of actively managed funds.
Year-to-date, the popular ARK Innovation Fund has lost more than fifty percent.
As ARK reduced its stake in COIN, it made an investment in e-commerce giant Shopify (SHOP) on Tuesday, after a 14 percent decline in COIN shares following the company’s disclosure of a 10 percent reduction in its worldwide workforce.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
Latest Content
- REZ Airdrop: Increased Rewards and Early Access for Community
- Philippines Traders Fair 2024: Where Ambition and Expertise Unite
- Crypto Market Update: April 25, 2024
- Renzo’s Restaked ETH Depegs to $700: DeFi Platforms Gearbox and Morpho Face Liquidations
- Crypto Market Update: Insights and Trends for April 23, 2024
Related
- Cathie Wood Cathie Wood is one of the richest self-made-woman according to Forbes magazine. She is the CEO and CIO of Ark Invest....
- MicroStrategy Announces Second Quarter 2021 Financial Results July 29, 2021 04:01 PM Eastern Daylight Time TYSONS CORNER, Va.–(BUSINESS WIRE)–MicroStrategy® (Nasdaq: MSTR), the largest independent publicly-traded business intelligence company, today announced financial results for the three-month period ended June 30, 2021 (the second quarter of its 2021 fiscal year)....
- Bitcoin ETFs are Finally Here The SEC is more likely to approve a futures-based bitcoin exchange-traded fund (ETF) this month, boosting the crypto market by 30%....
- Coinbase Coinbase is the world’s biggest crypto exchange headquartered in the U.S....