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Trading AArkInvest data July 25 shows that Coinbase Global Inc’s shares have been sold in excess of 1.41 million shares due to a slump in stock prices in the bear market and ongoing investigation by the SEC.
Coinbase shares closed at $ 52.93 on July 25, after three Ark funds sold part of their portfolio. For sales details, see Daytime Trade sheet.
ARK Innovation ETF (AARK) sold 1,133,495 shares, ARK Next Generation Internet ETF (ARKW) sold 174,611 shares, and ARK FinTech Innovation ETF (ARKF) sold 110,218 shares. A total of 1418324 shares of Coibase shares have been sold. This is equivalent to 2.04% of the investment in the exchange.
Coinbase became the first cryptocurrency exchange on April 14, 2021 public Following the Nasdaq debut. The stock price rose to $ 400 on the launch date, but then fell to around $ 52, showing a drop of more than 85%.
Cathie Wood Ark Investment On the first day of trading, we first purchased 749,205 shares for $ 246 million through AARK, ARKW and ARKF funds.
Following the exchange’s low quarterly report, its share price fell to $ 53.72 on May 12, 2022. Ark Invest takes this opportunity gain A total of 546,579 shares worth about $ 2.9 million.
The recent decline in Coinbase trading volume and revenue may have changed Ark’s bias from buying to selling.Therefore, on July 27, the investment fund announced in its transaction notice. Newsletter Completed the sale of $ 75 million in 1,418324 Coinbase shares.
The fall in the price of COIN stock may be related to the widening of the rift between Coinbase and the SEC.Following a complaint against former Coinbase product manager Ishan Wahi Insider tradingSEC has begun investigating the classes of assets listed on the exchange.
July 21 Complaints The SEC, which was filed against Ishan and his accomplices, claimed that nine of the digital assets involved in the crime were securities. Correspondingly, Coinbase Said The review process aims to keep securities away from the platform. Coinbase also advised the SEC to provide a clear regulatory framework for the crypto industry.
The SEC is currently investigating Coinbase to see if it intentionally forces Americans to trade digital assets that are not registered as securities.according to Bloomberg News, The growing list of exchanges may have caught the attention of US guard dogs.
