Coinbase Co-Founder Fred Ehrsam Dumps $13M Worth of COIN Shares
LUCKNOW (CoinChapter.com) — Coinbase Co-Founder Fred Ehrsam has sold $13.2 million of COIN shares in the last two days. The massive dump came around when Ark Invest, an asset management firm owned by Cathie Wood, sold a huge chunk of its COIN shares.
COIN price has rallied by over 350% so far in 2023, indicating its top holders plan to secure profits while anticipating a market top. Founder Fred Ehrsam, for instance, owns about 10% of the Coinbase stocks in circulation. It is not as if he’ll dump his entire position; nonetheless, his selloff may influence other shareholders to pursue a selling strategy ahead of New Year’s.
Cathie Wood’s ETF Offloads 10,933 COIN Shares
In addition to Ehrsam’s large personal trade, ARK Innovation ETF (ARKK) sold 10,933 COIN shares over the same period. The sale would have been valued at around $1.5 million at Monday’s opening price.
The shares represented just 0.0185% of ARKK’s total holdings.
Insider Tracker’s data indicates that Coinbase shareholders have ramped up share selling over the past three weeks as the recently battered stock has recovered some of its prior valuations. After plunging as low as $70 per share at the end of October 2023, Coinbase’s stock price appreciated rapidly to over $146 by early December 2023.
ARK Invest has made headlines recently for aggressively selling certain holdings. It sold Coinbase and Tesla shares right near their lows this year. Reports indicate that ARKK dumped over $100 million of its COIN shares just in December as the stock rebounded.
Recent Aggressive Selling of Coinbase’s Shares
ARK Invest sold Coinbase stock on Dec. 8, dumping 335,860 shares from its funds’ portfolios. Based on Coinbase’s closing share price of $146.58 on Friday, the massive sale would have garnered proceeds of approximately $49.2 million for ARK Invest.
Two weeks ago, the company’s trade filings revealed that ARKK had already offloaded around $59 million of its Coinbase shares. When combined with Friday’s sale, ARK Invest has liquidated nearly $110 million of its Coinbase stock in a week.
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Filed under: Bitcoin - @ December 13, 2023 8:15 am