Ark Invest has sold over 100 million dollars worth of Coinbase (COIN) shares between Monday, Tuesday, and Wednesday of this week.
Ark Invest and the sale of Coinbase (COIN) shares for over 100 million dollars
The investment management company of Cathie Wood, Ark Invest, has resumed selling Coinbase shares (COIN). Just this week, between Monday, Tuesday, and Wednesday, the total sale of COIN has been over 100 million dollars.
Ark Invest offloads more Coinbase shares, bringing total COIN sales to over $100 million this week https://t.co/GVlYPHY8zx
— The Block (@TheBlock__) March 7, 2024
Basically, Ark Invest would have proceeded by selling over $31 million worth of Coinbase shares on Monday, $24 million of COIN on Tuesday, and almost $50 million yesterday. The total exceeds $100 million in sales.
Specifically, yesterday, Cathie Wood’s company reportedly sold another 204,469 Coinbase shares, worth $48.8 million.
The current sales add to those made last week, for a total of 45 million COIN dollars
Ark Invest: Coinbase stock selling strategy and COIN price
Looking at this 2024, Ark Invest started selling Coinbase shares from its ETFs, starting from February 14th.
Specifically, on that day, the ETFs managed by Ark Invest, such as ARK Fintech Innovation ETF (ARKF), Ark Next Generation Internet ETF (ARKW) and Ark Innovation ETF (ARKK), began consistently selling COIN shares.
And indeed, The total sales for that day amounted to over $34 million worth of Coinbase stocks.
By calculating the number of shares, Ark Invest would have sold over 1.2 million from June to October 2023, while from early December to early January another 1.6 million in just over a month.
After the approval of Bitcoin spot ETFs by the SEC of the USA, Ark Invest has resumed selling 200,000 shares in just a few days.
These COIN shares sold had been purchased in the first half of 2023, when their market price was below $80.
Today the price of COIN is $238.55, in pump of +192% compared to six months ago, and +95% compared to last month.
Apparently, however, the COIN trend continues to be bullish, so much so that in the last 24 hours, COIN has recorded an increase of +10%.
The crash of the exchange during the surge of Bitcoin and more
Starting from the end of February, the crypto-exchange Coinbase found itself dealing with a significant crash, just as the price of Bitcoin was soaring to dizzying levels.
Obviously, this interruption has become an obstacle for many users to access their accounts, highlighting on the other hand the technological challenge of managing BTC as demand grows.
At that first moment, the same Brian Armstrong, CEO of Coinbase, had stated that the situation, caused in his opinion by the “strong wave of traffic”, was being quickly addressed.
However, the problem occurred for the second time this week. In fact, on Monday, March 4th, BTC rose to $67,000 and Coinbase struggled to handle the increase in user traffic and trading activity.
Not only for BTC, but Coinbase also had issues with the memecoin Shiba Inu (SHIB) which, in the last week, has recorded over a 200% price pump. In fact, only on Coinbase it seems there has been a sudden -50% drop in the price of SHIB, while all other crypto-exchanges like ByBit and Kraken had a lower decrease.
