ARK Invest sells 1.4 million coin base shares during the drop in stock

ARK Invest sells 1.4 million coin base shares during the drop in stock

Ark Invest sold around 1.4 million shares from Coinbase because the crypto exchange is confronted with regulatory uncertainty in a bear market.

The asset manager, led by Cathie Wood, sold more than 1.1 million coin base shares from his ARK Innovation ETF (ARKK), the company reported in an email. ARK also sold around 175,000 shares of the ARK Next Generation Internet ETF (ARKW) and 110,000 shares of the ARK Fintech Innovation ETF (ARKF).

Coinbase shares were traded at 10:20 a.m. ET for $ 56.70, which rates the outsourced stocks from ARK with more than $ 79 million

Arkk, the largest ETF of the company with an managed assets of around $ 8 billion, Currently has about 5 million coinbase shares worth 283.5 million US dollars at the time of printing. The stocks make up almost 3 % of the portfolio.

The sales are made after the US stock exchange supervisory authority Securities and Exchange Commission has classified nine tokens listed at Coinbase in a complaint as securities in which it is claimed that a former coinbase product manager and people close to him have used secret information for inserial trade.

Although the course of Coinbase rose by about 7 % on Wednesday morning, according to Google Finance data, the share fell by about 20 % compared to five days ago.

Ark often drove the bull case of Coinbase

Ark’s Wood is optimistic about crypto. In November 2020 she shared this conviction Bitcoin could $ 500,000 in the long run.

The manager found during the Exchange ETF conference in Miami in April that the decline of Coinbase in the course of the year, while crypto companies have raised cash with ratings in billions, no sense.

Ark Invest bought 215,000 coin base shares on a single day when Bitcoin fell less than $ 30,000 for the first time in months. At that time, Coinbase's share price moved around $ 220. The company also bought 550,000 shares in May.

Ark analyst Maximilian Friedrich said during a webinar in January that Coinbase was an attractive long-term game and found that the company was about 10 % of the Kassaandels volume on the Kryptomarkt in 2021.

Ark Research Associate Nishita Jain also referred to the growing range of products from Coinbase and the desire to dance to the company to be optimistic.

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