Introduction
Cathie Wood, the founder and CEO of Ark Invest, has sold 135,000 shares of Coinbase as the price of the coin drops to $90. This comes as a surprise to many, as Ark Invest has been a vocal supporter of Coinbase and cryptocurrency in general.
Ark Invest Sells Coinbase Shares
According to a recent filing with the US Securities and Exchange Commission (SEC), Ark Invest sold 134,870 shares of Coinbase on May 18, 2021. The shares were sold at an average price of $221.58, bringing in a total of $29.9 million.
This move by Ark Invest comes as the price of Coinbase’s coin, COIN, continues to drop. COIN hit an all-time high of $429.54 on April 14, 2021, but has since dropped to $90. This represents a decrease of over 75% in just over a month.
Reasons for the Sale
It is unclear why Ark Invest decided to sell its Coinbase shares at this time. Some speculate that the firm may be taking profits after the coin’s meteoric rise earlier this year. Others believe that the firm may be losing faith in Coinbase and the cryptocurrency market as a whole.
Despite the sale, Ark Invest still holds a significant amount of Coinbase shares. According to the SEC filing, the firm still owns over 5.5 million shares of the company, worth approximately $1.2 billion.
Future of Coinbase
The future of Coinbase remains uncertain. The company has faced scrutiny from regulators in recent months, and the price of its coin has been extremely volatile. However, Coinbase remains one of the largest cryptocurrency exchanges in the world, and many believe that it will continue to play a significant role in the industry.
Related:BNB?s Soaring Futures Open Interest and Regulatory Woes Weigh on the Altcoin?s Price
Conclusion
Ark Invest’s sale of 135,000 shares of Coinbase comes as a surprise to many, and the reasons for the sale are unclear. However, the move does not necessarily signal a lack of faith in Coinbase or the cryptocurrency market as a whole. The future of Coinbase remains uncertain, but many believe that the company will continue to play a significant role in the industry.
