AArk Invest Trading data for July 25 shows that he sold more than 1.41 million shares of Coinbase Global Inc due to poor stock performance amid the bear market and an ongoing investigation by the SEC.
Coinbase shares closed at $52.93 on July 25, after three Ark funds sold part of their portfolio. Sales details were available on your intraday commercial sheet.
ARK Innovation ETF (AARK) sold 1,133,495 shares, ARK Next Generation Internet ETF (ARKW) sold 174,611 shares, while ARK Fintech Innovation ETF (ARKF) sold 110,218 shares. A total of 1,418,324 Coibase shares were sold, representing 2.04% of its investment in the stock market.
Ark Invest’s Game on COIN Stocks
On April 14, 2021, Coinbase became the first cryptocurrency exchange to go public after its debut on the Nasdaq. Its share price hit $400 on launch day, but has since dropped to around $52, representing a price decline of more than 85%.
Invest in the Ark of Cathie Wood made an initial purchase of 749,205 shares in the amount of $246 million through its AARK, ARKW and ARKF funds on the first trading day.
Following a low first quarter report from the exchange, its share price declined to $53.72 on May 12, 2022. Ark Invest took the opportunity to increase his holdings totaling 546,579 shares worth about $2.9 million.
The recent decline in Coinbase trading volumes and earnings may have changed Ark’s bias from buy to sell. Thus, on July 27, the investment fund announced in its commercial notification Newsletter that it had completed the sale of 1,418324 Coinbase shares for $75 million.
SEC investigates Coinbase
COIN’s declining share price may be related to a growing rift between Coinbase and the SEC. Following allegations against former Coinbase product manager Ishan Wahi for insider tradingThe SEC launched an investigation into the publicly traded asset class.
On a July 21 complain filed against Ishan and his accomplices, the SEC alleged that nine of the digital assets involved in the crime were securities. In response, Coinbase said that their review process is intended to keep values off the platform. Coinbase also advised the SEC to provide a clear regulatory framework for the crypto industry.
The SEC is now investigating Coinbase to determine if it intentionally allowed Americans to trade digital assets that were not registered as securities. According to newsbloomberg, the rise in stock prices may have drawn the attention of the US watchdog.
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This post Cathie Wood’s ARK Invest Sells $75M In Coinbase Stock Due To Poor Performance
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