Coinbase Co-Founder Offloads $13M In Shares, ARK Invest Reduces Holdings

Coinbase Global Inc. COIN co-founder Fred Ehrsam and ARK Invest have collectively offloaded over $14 million in COIN shares during the past 48 hours.

What Happened: Based on official data filed with the SEC, a 10% owner of the company, Ehrsam sold 97,836 COIN shares for $13.5 million on Dec. 11. In the last week of November, Ehrsam disclosed the sale of 81,530 shares under an earlier adopted trading plan (August 2023). It accounted for around 7.2% of the shares that he indirectly owned through a living trust, according to Morning Star.

Also Read: Ex-Coinbase Pros Raised A $500M Fund To Buy Shares In Animoca Brands, Chainalysis

Meanwhile, Cathie Wood’s Ark Invest narrowed its position on COIN shares by 10,933 COIN shares which are worth around $1.5 million and account for 0.0185% of the ARKK ETF, reported Cointelegraph. The information was disclosed in Ark’s daily trade information newsletter, which provides updates on its actively managed ETFs.

So far in December, Ark has offloaded more than $100 million of COIN shares, according to Cointelegraph. On Dec. 8, the firm sold 335,860 Coinbase shares from three funds – ARKW, ARKK, and ARKF garnering $49.2 million for the firm.

Derivatives tracker, Orlando took to his X handle and stated that Ehrsam sold $13 million in shares which was his third time selling in the past two weeks. He also indicated that in May 2023 Ehrsam purchased more than 1.9 million shares worth more than $135 million.

Price Action: Shares of COIN were up 1.1% to $139.62 on Tuesday.

Read Next: Cathie Wood's Ark Dumps $12.8M Worth Of Grayscale Bitcoin Trust Amid Crypto Rally Losing Wind In Sails

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