Coinbase Insiders Sell Over $120 Million in Shares
Recent data from Insider Alerts reveals that insiders at Coinbase, including co-founder Fred Ehrsam III, have been selling off company shares. This trend follows the lead of Ark Invest, Cathie Wood’s asset management firm. Interestingly, these sales are happening as Coinbase’s stock reaches a new yearly high.
In December alone, there has been significant insider selling activity at Coinbase, totaling over $120 million. Fred Ehrsam III has been the most active seller, disposing of more than 450,000 shares through various transactions. The largest transaction involved the sale of 114,142 shares for $14.9 million.
Ark Invest’s Strategy to Rebalance Fund Weightings
Ark Invest, known for its Innovation ETF and Next Generation Internet ETF, has also joined the selling spree. The firm offloaded 149,780 COIN shares, equivalent to $24.2 million. This move is part of Ark Invest’s ongoing strategy to rebalance its fund weightings in response to the recent surge in COIN’s price.
The sale by Ark Invest occurred when Coinbase shares reached a 52-week high at $185. Over the past month, the firm has sold over $200 million worth of Coinbase stock. These sales align with increasing confidence in the potential approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) before the January 10, 2024 deadline.
Profit-Taking Strategy or Anticipation of ETF Approval?
While the anticipation of ETF approval may lead to a further rise in crypto stock prices leading up to January 10, some interpret Ark Invest’s selling of COIN stocks as a profit-taking strategy. It remains to be seen how these insider sales will impact Coinbase’s stock performance in the coming months.
Hot Take: Coinbase Insiders and Ark Invest Sell Off COIN Shares
Insiders at Coinbase, including co-founder Fred Ehrsam III, have been actively selling company shares. This trend is also followed by Ark Invest, which has sold over $200 million worth of Coinbase stock. The sales coincide with the anticipation of a potential Bitcoin ETF approval by the SEC. While this may lead to further price increases, the selling activity can be seen as a profit-taking strategy. It will be interesting to observe how these insider sales impact Coinbase’s stock performance in the near future.
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