Coinbase co-founder sells $13,2 million worth of Coinbase shares in one lump sum
ARK Invest has also sold over 111 million worth of the exchange’s securities since the beginning of the month
13.12.2023 - 12:58
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What’s new? On December 11, Fred Ehrsam, co-founder of the US crypto exchange Coinbase, sold 97 836 shares of the company (COIN) for $13,2 million, according to Insider, a tracker of transactions by top executives and officials in the stock market. Since the beginning of the year, the value of COIN has risen by 282%, with a peak of $146,62 on December 8.
What else is known? In addition, Coinbase securities continue to be sold by exchange-traded fund (ETFs) managers at ARK Invest, an investment firm led by Cathie Wood. According to newsletters on the composition of ARK’s fund portfolios, more than $111,5 million worth of COIN were sold between December 1 and December 12.
For example, on December 12 alone, ARK sold COIN worth $11,5 million. 65, 297 shares were removed from the Innovation ETF portfolio, while another 15 502 and 1456 securities were sold by the managers of Next Generation Internet ETF and Fintech Innovation ETF, respectively. The transactions were dictated by the need to rebalance the portfolios.
As of December 13, COIN is trading at $139,62 on Nasdaq, having gained 1,16% in 24 hours.
VanEck predicts $2,4 billion in inflows into BTC ETFs after their approval in early 2024
According to analysts, the product will quickly enter the mainstream thanks to zero commissions
Along with this, ARK is also selling shares of the largest bitcoin trust from investment firm Grayscale (GBTC), which experts expect to be converted into a spot ETF next year. GBTC shares cannot be redeemed yet and are only traded on over-the-counter platforms, but their value has risen by 307% in 2023.
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