- 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
