Coinbase Co-founder and ARK Invest Liquidate Over $14M in Shares Amid Price Surge
Summary:
Fred Ehrsam, co-founder of Coinbase, along with ARK Invest, offloaded more than $14 million in Coinbase shares within two days. Data from Insider Tracker indicates that Ehrsam sold 97,836 COIN shares on December 11. At the same time, ARK Innovation ETF, a part of ARK Invest, ditched 10,933 COIN shares. This recent activity is part of an ongoing trend of Coinbase insiders selling shares in the past weeks. Meanwhile, Coinbase's share price has seen a significant rise since October, with ARK Invest reportedly continuously selling its Coinbase shares which amounted to over $100m in December 2023.
Public trading information reveals that Fred Ehrsam, co-founder of Coinbase, coupled with ARK Invest, have liquidated over $14 million in Coinbase shares within the two days prior. This was brought to light by Insider Tracker, a platform that offers transactional details of influential corporate figures and political personalities, highlighting that Ehrsam auctioned off 97,836 COIN shares equating to $13.2 million on December 11.
As this sale progressed, ARK Invest's everyday trade update bulletin board, geared towards shedding light on its actively handled exchange-traded funds (ETFs), indicated that its ARK Innovation ETF (ARKK) had discharged nearly 10,933 COIN shares worth around $1.5 million. These shares accounted for 0.0185% of the total ARKK ETF. Insider Tracker's dataset implies that significant quantities of COIN shares have been surrendered by Coinbase insiders in the three weeks prior.
The stock price for Coinbase has seen substantial growth over the previous three months, with trading as low as $70 towards October end 2023, escalating to a staggering $146 per share in the early phase of December. There have been numerous reports concerning ARK Invest’s recurring Coinbase share sales in the recent past. ARK has rid itself of over $100 million in its COIN stockpile in December 2023.
Published At
12/12/2023 5:13:56 PM
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