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Cathie Wood’s ARK Invest Dumps Coinbase Shares At Massive Loss

Published by
Sohrab Khawas

Cathie Wood, the founder of cryptocurrency investment firm ARK Invest, sold a gigantic share of her coinbase holdings at the lowest price of $53 which she had initially bought for $254.65, according to a report by Unusual Whales. This move came as a gigantic shock to the company and has caused it a significant loss. 

After a 21% decrease from the opening price of $61.74, Coinbase ended the day at the $52.93 mark. The exchange is currently 84% down when compared to its all-time high.

ARK Invest invested in nearly 546,579 shares of Coinbase in May, which were worth $29 million after the market crashed. 

ARK Invest’s sudden decision to dump the shares could be due to the sudden probe by the SEC with regards to accusations of insider trading against Coinbase. That isn’t all there is also an ongoing investigation regarding whether the platform allowed the users to trade digital assets that should have been registered as securities.

liquidated a large chunk of Coinbase’s shares this Tuesday amidst the reports of the SEC probe. As per the reports, Ark has lost $280 million on the trades.

Coinbase weightings are currently at 2.93% in ARKK, 4.91% in ARKW, and 5.87% in ARKF respectively. The stock is ARKK’s fourteenth-biggest holding and the seventh and fifth biggest holding, respectively, for ARKW and ARKF.

Coinbase is down since last week and has retreated from $79 on Wednesday to a low of $52.63 on Monday, showing a peak decline of about 33%.

What are your views on this? Would a major company like ARK endure a loss of this extent just because of a probe, or is there something grimmer at play? Comment below!

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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