Coinbase top executives and ARK Invest sell $73 million worth of COIN shares per week
The value of the exchange’s securities has grown by 408% since the beginning of the year
28.12.2023 - 11:25
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What’s new? Over the past week, five top executives at US crypto exchange Coinbase sold COIN shares totaling nearly $45,15 million. They include co-founder Fred Ehrsam ($23,19 million), Chief People Officer Brock Lawrence ($18.36 million), Chief Legal Officer Paul Grewal ($3,2 million), Board Director Rajaram Gokul ($190 882) and CFO Alesia Haas ($175 000). This was reported by Insider Tracker, which tracks the transactions of top executives and officials in the stock market.
What else is known? On December 11, Ehrsam also sold 97,836 COIN worth $13,2 million. In addition, Coinbase securities continue to be sold by exchange-traded fund (ETF) managers at ARK Invest, an investment company led by Cathie Wood.
Thus, for the last 24 hours, ARK Next Generation Internet ETF (ARKW) sold 148 885 shares of Coinbase worth about $27,58 million. And in total, ARK has sold COIN worth more than $200 million in the last month.
ARK has been making the trades as part of its fund rebalancing amid rising stock prices. COIN is up by 54,6% over the past month and 407,65% since the beginning of the year. Coinbase is valued at about $32 billion, according to analysts at The Block.
In early December, analysts at S3 Partners reported that unrealized losses of short position holders in shares of crypto firms such as Coinbase have exceeded $6 billion since the beginning of the year.
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