Coinbase Execs Offload $42M COIN Shares in Holder Sell-Off

The executives join in the month-long COIN offloading streak, likely capitalizing on profits.

Man cannot watch the Coinbase stocks.
Created by Kornelija Poderskytė from DailyCoin
  • Executives at Coinbase are selling off the exchange’s stock.
  • COIN has reached a new all-year high.
  • Ark Invest has also recently divested millions in COIN shares.

As 2023 draws to a close, the crypto industry is bustling with activity. The renewed enthusiasm for a bullish 2024 has triggered both asset acquisitions and sell-offs among investors and shareholders, who are positioning themselves to leverage market movements.

Joining the likes of Cathie Wood’s Ark Invest in offloading Coinbase shares (COIN), insiders at the exchange are now unloading their shareholdings.

Coinbase Executives Dump COIN

On Thursday, December 28, market activity revealed the sale of 247,423 shares of Coinbase (COIN) by various top executives and shareholders.

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The sales, occurring in four parts, totaled nearly $42 million, with shares trading from approximately $150 to $175.

This sell-off coincides with the surging market activity for COIN, reaching a new all-year high, suggesting that executives are likely capitalizing on profits.

Coinbase executives are the latest in the sell-off streak, as investment management firm Ark Invest has also recently adjusted its portfolio by divesting COIN shares.

Ark Invest Dumps COIN

On multiple occasions, Cathie Wood’s Ark Invest, renowned for its proactive approach to asset maneuvers, has sold off nearly $20 million in Coinbase shares.

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On October 24th, the firm unloaded 42,613 COIN shares at $77.21 each, amounting to a total sales value of $3.29 million.

Continuing this trend, Ark made further sales on December 1, selling over 120,000 COIN shares worth $15 million. This marked Ark’s most significant sale since disposing of over 53,000 COIN shares in July.

Find out more about Bitcoin’s market activity:
Bitcoin Futures Open Interest Drops 12% as Altcoins Surge

Read to find out how industry threat actors moved this year:
$2 Billion Lost To Crypto Scams and Cyberattacks in 2023

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.