News

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News

Victor

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

21 mins ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

21 mins ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

3 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

5 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

8 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

9 hours ago

This website uses cookies.