Crypto investment firm ARK Invest founder Cathie Wood dumps 1.41 million shares of Coinbase at an all-time low of $53. The average price at which ARK Invest bought the Coinbase shares was $254.65, so this move is in fact a massive loss for the company.
Yesterday’s closing price for Coinbase (COIN) was $52.93; this was a 21% decrease from the day’s opening price of $61.74. It is currently down 84% from it’s all-time high and 75% down on the year.
Just in May, Cathie Wood’s ARK Invest bought 546,579 shares in Coinbase worth $29 million after its stock tanked. This sudden dumping by ARK Invest may be due to the fact that the SEC has decided to investigate Coinbase to decide whether the platform allowed its clients to trade digital assets that should have been registered as securities.
Also Read: Former Coinbase employee charged with Insider Trading
