174,611 Coinbase Shares Sold In The Wake Of An 85% Drop In Price
Veteran hedge fund manager Cathie Wood’s ARK Invest revealed that the investment firm sold off about 174,611 shares of Coinbase on July 26.
Coinbase Shares Drop 85%
This is an extremely difficult time for Coinbase as it is constantly facing FUD and especially under the investigation of the SEC. In another negative news for the US crypto exchange, Cathie Wood’s ARK Invest is cutting its stake when it sells 174,611 shares of Coinbase on July 26.
ARKW is an exchange-traded fund (ETF) that focuses on companies in areas such as blockchain technology, big data, Internet of Things, fintech, and cloud computing.
ARK Invest currently holds 1.3 million shares, down from the 1.5 million shares it held on the crypto exchange in June when the last purchase was made.
The sale comes amid a massive plunge in this exchange’s share price. The share price of the US crypto exchange hit a record high of $342.98 in mid-November around the same time when Bitcoin (BTC) hit an all-time high of a little over $69,000.
Coinbase stock closed on July 27th at $52.93, down about 85% from its record high. Meanwhile, the ARKW ETF is down nearly 60% so far.
ARK Invest’s average purchase price for this exchange’s stock currently stands at $242. Coinbase’s stake is currently about 6.8% of the ARKW fund while it was 9.31% at the end of the first quarter of this year.
This is the first time ARK Invest has sold Coinbase shares this year. The investment firm previously sold in Q4 2021.
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