In the past 48 hours, major Coinbase stakeholders have been actively divesting their holdings, with Coinbase co-founder Fred Ehrsam and ARK Invest collectively selling over $14 million in Coinbase shares.
According to trading data shared by Insider Tracker, Fred Ehrsam sold 97,836 COIN shares for a total of $13.2 million on December 11. Concurrently, ARK Invest’s daily trade information newsletter revealed that its ARK Innovation ETF (ARKK) offloaded 10,933 COIN shares valued at approximately $1.5 million. The shares represented 0.0185% of the ARKK ETF.
Insider Tracker’s data indicates that Coinbase insiders, including Ehrsam, have been consistently selling substantial amounts of COIN shares over the past three weeks. The recent divestment comes amid Coinbase’s share price appreciation, which has surged from a low of $70 at the end of October 2023 to a high of $146 per share in early December.
ARK Invest has been notably active in shedding its Coinbase holdings, having sold over $100 million of COIN in December 2023 alone. This ongoing divestment by major stakeholders suggests a strategic move to capitalize on the recent surge in Coinbase’s share price.
The motivation behind the sales remains speculative, but such divestments by key figures in the company and major investment firms can sometimes be interpreted as a strategic decision to lock in profits or rebalance portfolios. Investors and market observers will likely continue monitoring these transactions for potential insights into the outlook and sentiment surrounding Coinbase’s stock.
As the cryptocurrency market and related industries continue to evolve rapidly, the actions of key players like Ehrsam and ARK Invest serve as indicators of their assessment of market conditions and the trajectory of Coinbase’s performance in the near future.