ARK Invest’s Cathie Wood Sells Coinbase Shares Worth $75 Million

On July 26, ARK Invest продала 1.41 million Coinbase shares worth about $75 million. The bitcoin exchange ended the session with a 21.1% drop in market capitalization.

The market also reacted to information about a расследовании SEC деятельности Coinbase.

According to the firm’s daily briefing, Ark Innovation (ARKK) trimmed the position by 1.13 million shares, Next Generation Internet (ARKW) by 174.6 thousand shares and Fintech Innovation (ARKF) by 110.2 thousand shares.

According to Bloomberg, as of the end of June ARK Invest was the third-largest Coinbase shareholder with 8.95 million shares in its disposal.

The management company had been building the position с момента IPO in 2021. The latest largest purchase of 546,000 shares worth about $30 million dates back to May 2022.

The flagship Ark Innovation fund has lost 57.84% since January. Since its inception in 2017 the vehicle has delivered owners return of 119.45%.

A Unusual Whales user computed that ARK Invest losses from Coinbase investments could have reached $200 million. The average purchase price of the bitcoin exchange’s shares was $254.65, according to their calculations. On July 26, the securities closed at $52.93.

Cathie Wood of $ARKK just sold nearly 1.41 million shares of Coinbase, $COIN, at all-time lows of $53.

The average cost average that $ARKK purchased $COIN at was $254.65.

— unusual_whales (@unusual_whales) July 27, 2022

Earlier in April 2022, ARK Invest ликвидировала позицию в акциях PayPal.

Спустя месяц компания и 21Shares подали новую совместную заявку на запуск биткоин-ETF.

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