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Cathie Wood’s ARK Invest sells Coinbase (COIN) shares for the first time since July

Cathie Wood's ARK Invest sells Coinbase (COIN) shares for the first time since JulyCathie Wood's ARK Invest sells Coinbase (COIN) shares for the first time since July

In this post:

  • Cathie Wood’s firm has sold its Coinbase holdings for the first time since July last year.
  • Coinbase CEO Brian Armstrong has also been selling COIN shares.

Cathie Wood’s ARK Invest has consistently added Coinbase shares to its portfolio in recent months, often purchasing COIN stock on consecutive days during local bottoms. However, Cathie Wood’s firm has sold its Coinbase holdings for the first time since July last year.

Data from Cathie’s ARK reveals that the Ark Fintech Innovation ETF [ARKF] sold approximately 160.887k COIN shares, cumulatively valued at around $13.5 million.

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Source: Cathie Wood’s ARK

ARK’s recent purchases and current holdings

ARK’s most recent acquisitions occurred on March 9-10, with thousands of shares added to the ARKW and ARKK funds through four transactions. Six other separate “buy” transactions took place earlier this month. ARK holds about 10.12 million COIN shares across its ARKK, ARKW, and ARKF funds following the latest sale. The firm’s aggregate purchase price currently ranges from $239.60 to $254.65.

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Source: Cathie Wood’s ARK

In addition to ARK’s sale, Coinbase CEO Brian Armstrong has also been selling COIN shares. Real-time insider transaction data suggests that the total insider sell volume is around $5.87 billion. Industry insiders speculate that the sell-action indicates a lack of confidence in Coinbase stock by the executive.

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Source: Dataroma

Previously, another round of insider selling occurred, with top executives such as the Chief Legal Officer, Chief Accounting Officer, and Chief People Officer disposing of individual COIN holdings.

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Source: Dataroma

Despite these events, Coinbase’s share price has experienced a rapid 166% increase from its 2023 low of $31.55. Shares closed at $83.99 during Tuesday’s trading session [March 21], demonstrating that COIN has gradually overcome its 2022 challenges and made progress this year.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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