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Gungun Bhatia
Jul 27, 2022
by Gungun Bhatia

Amid Insider Trading Case, Cathie Wood Sells Her Coinbase Shares

Coinbase Cathie Wood

Table of contents

  1. Fluctuations in Coinbase
The third-largest shareholder in Coinbase, ARK Investment Management, is the investment company of Cathie Wood, which allegedly had almost $9 million as of late June. As regulators look into the company for possible insider trading, one of Coinbase's major shareholders sold a sizable number of shares. According to trading data, Cathie Wood's investment company, Ark Investment Management, has sold more than 1.4 million Coinbase (COIN) shares overall.

Three Ark exchange-traded funds (ETFs) were engaged in the transaction, including Ark Innovation ETF (ARKK), which sold 1,133,495 shares in total, or 0.6 percent of its total assets. 174,611 and 110,218 COIN shares were sold by the Ark Next Generation Internet ETF and Ark Fintech Innovation ETF, respectively. The value of the sold shares was a little over $75 million based on Tuesday's closing price.

Fluctuations in Coinbase

On July 26, Coinbase shares lost 21 percent of their value, closing at $52.9. After beginning to rebound in the middle of July, COIN has been falling since U.S. authorities detained a former Coinbase Global executive on July 21 for alleged insider trading. According to statistics from TradingView, the Coinbase stock has dropped around 32% since peaking at $77.3 on July 22.

The sale happened after Ark gradually increased its COIN stock this year, purchasing 546,579 Coinbase shares in May despite a decline in COIN share prices. Since Coinbase's IPO last year, the investment company has been actively acquiring COIN shares, and by April 2022, it will have roughly 750,000 shares total. The stock's initial opening price was $350.

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Ark Investment Management Cathie Wood Coinbase Shares
Amid Insider Trading Case, Cathie Wood Sells Her Coinbase Shares
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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