Ark Invest Dumps $90 Million Worth of Coinbase Shares
In a notable turn of events, Coinbase, the leading cryptocurrency exchange, has experienced a significant sell-off of its shares by Ark Invest. This development occurred on Monday, when Ark Invest sold approximately 421,972 Coinbase shares across three of its exchange-traded funds (ETFs).
The value of these shares, which amounted to approximately $90.58 million, has raised eyebrows in the financial world, as Coinbase's share price has been on a downturn since its all-time high above $437, which was reached last week. On Monday, Coinbase closed at $413.63, representing a decrease of 1.47%.
The cause for this decrease in Coinbase's share price since its all-time high is not specified. However, it's worth noting that the passage of important cryptocurrency legislation by the US House of Representatives last week may have contributed to the all-time high.
Despite the sell-off, Coinbase managed to re-enter the top 100 on Apple's App Store for the first time since January. This resurgence in popularity could be a positive sign for the company's future, as it indicates continued user interest and engagement.
In the days before selling Coinbase shares in February 2023, Cathie Wood, the CEO of Ark Invest, did not publicly announce or develop any specific new initiatives directly linked to that sale. There were no explicit statements or developments clearly connected with the Coinbase share sale at that time.
As Coinbase continues to navigate the volatile cryptocurrency market, it will be interesting to see how the company responds to this significant share sell-off and whether its share price can recover in the coming weeks.
