- Ark Invest, an American investment management firm founded by Cathie Wood, made a significant impact on the market by selling Coinbase shares on Tuesday.
- According to reports, Ark Invest sold 82,255 Coinbase shares (COIN) on Tuesday, December 12th, which were valued at $11.48 million.
- It appears that Ark Invest mimicked this sale in connection with Coinbase Co-founder Fred Ehrsam’s sale of COIN shares.
Ark Invest, the American investment management firm founded by Cathie Wood, is swiftly divesting its shares in the Coinbase exchange!
ARK Invest Selling Coinbase Shares
Ark Invest, an American investment management firm founded by Cathie Wood, made a significant impact on the market by selling Coinbase shares on Tuesday. The previously mentioned sale drew attention from the broader crypto market due to its occurrence during a period when cryptocurrencies are facing a downturn globally.
Specifically, the sale follows a market trend in which one of Coinbase’s founders has recently parted with millions of dollars’ worth of Coinbase shares. Additionally, it appears that Ark Invest’s founder and Bitcoin bull Cathie Woods has been divesting the firm’s crypto-related shares in large amounts. This creates a contrast with Cathie’s bullish sentiments on Bitcoin.
Moreover, during a period when cryptocurrencies are experiencing a global downturn, the price of Bitcoin has also seen a decline, sparking speculation among crypto enthusiasts. According to reports, on Tuesday, December 12th, Ark Invest sold 82,255 Coinbase shares (COIN) valued at $11.48 million. Furthermore, these shares were divested through the investment firm’s affiliated entities, including Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF).
Interestingly, Ark’s recent sale comes as a part of a larger ongoing trend where the firm is divesting its crypto-related assets. As seen from Ark’s recent sale of Grayscale Bitcoin Trust shares, the company seems to indicate a loss of confidence in cryptocurrencies.
Furthermore, it seems that Ark Invest is mimicking the sale related to Coinbase Co-founder Fred Ehrsam’s sale of COIN shares. Earlier this month, Fred had caused speculation in the market by selling over $14 million worth of COIN shares.
Meanwhile, as reported by COINOTAG, Wood’s investment firm recently sold COIN shares worth $2 million, adding to the divestment chronicle. Moreover, this coincides with the recent increase in COIN share price, witnessing a 1.16% rise. At the closing, the COIN share price rested at $139.62 on the U.S. stock market.
Bitcoin Price Drops
The price of Bitcoin also declined during the investment firm’s divestment of its crypto-related assets. As of writing, the Bitcoin price dropped by 1.44%, reaching $41,040. Moreover, this decline was accompanied by a weekly decrease of 6.42%.
Additionally, Bitcoin’s price drop aligned with the global downturn in the crypto market, resulting in a 2.20% decrease in market capitalization. Despite Cathie’s bullish stance on Bitcoin, the actions of her firm appear to indicate a notable divestment from crypto-related shares.
