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Cathie Wood's Ark Investment Management Ditches More Than 1.4M Coinbase Shares

Cathie Wood's Ark Investment Management Ditches More Than 1.4M Coinbase Shares

The crypto bear market hasn't been kind to Coinbase, following its recent trading allegations and a massive drop in shares.

Cathie Wood’s investment company Ark Invest has recently sold a total of over 1.4M shares of cryptocurrency exchange Coinbase, following the SEC’s investigation on whether the latter illegally allowed Americans to trade digital assets that should have been registered as securities.

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According to the official announcement issued on July 27th, three of the firm’s funds dropped a huge amount of shares, including Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF, and Ark Fintech Innovation ETF, which sold 1,133,495, 174,611, and 110,218 COIN shares, respectively.

The news arrives after Coinbase shares yesterday dropped by 21.08% and sat at $52.93, losing about a fifth of their value.

As previously mentioned, the crypto exchange is currently facing a US probe, however, Paul Grewal, CLO of Coinbase, took two Twitter and mentioned:

"We are confident that our rigorous diligence process - a process the SEC has already reviewed - keeps securities off our platform, and we look forward to engaging with the SEC on the matter."

It seems like the cryptopocalypse is bringing Coinbase down left, right, and center, as its digital shares managed to decline to a record low of $40.30.

Likewise, back in June, the company released around 18% of its employees, following in the footsteps of Gemini, Huobi Global, Banxa, Crypto.com, and Robinhood, which also reduced their headcount.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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