In a recent disclosure of public trading data, it has come to light that Fred Ehrsam, co-founder of Coinbase, and investment firm ARK Invest have collectively divested more than $14 million worth of Coinbase shares within the last 48 hours.
Insider Tracker, a platform specializing in divulging trading activities of notable figures within corporations and politics, unveiled that Ehrsam conducted a sale of 97.836 COIN shares, raking in a substantial $13.2 million on December 11.
Concurrently, ARK Invest’s daily trade newsletter, which chronicles movements in their actively managed ETFs, documented the offloading of approximately 10,933 COIN shares from the ARK Innovation ETF (ARKK), amounting to an estimated $1.5 million.
These transactions accounted for a minute fraction, 0.0185%, of the ARKK ETF. Notably, Insider Tracker’s comprehensive data implies a consistent trend of Coinbase insiders shedding significant portions of COIN shares over the preceding three weeks.
Coinbase has witnessed a remarkable surge in its share price over the last three months. From trading at a low of $70 towards the conclusion of October 2023, the value catapulted to a striking $146 per share in early December, reflecting the heightened market interest and value attributed to the cryptocurrency exchange platform.
The strategic divestment of Coinbase shares by key stakeholders adds a layer of intrigue to the company’s future trajectory, raising questions about the motivations behind such sizable sell-offs amidst the backdrop of a soaring market valuation.
