- Fred Ehrsam, co-founder of the leading cryptocurrency exchange Coinbase, has recently made headlines by selling shares worth a significant $13 million.
- Coincidentally, investment firm Ark Invest has also been involved in selling securities of the exchange at the same time.
- In a recent period spanning from December 4 to December 12, 2023, Ark Invest has reportedly sold approximately $75 million worth of Coinbase shares.
This news comes after Fred Ehrsam sold shares of the company amounting to $13.2 million. The co-founder’s decision to trade his shares was perfectly timed, as can be seen in a tweet shared on December 11, 2023.
According to available information, Ehrsam sold a total of 97,836 shares for $13.2 million, with each share priced at $135.
In a peculiar turn of events, Ark Invest has also been actively offloading its shares of Coinbase. On December 11, 2023, the investment firm sold 10,933 shares for approximately $1.5 million, valuing each share at $137.
It’s worth noting that prior to this, Ark Invest had already sold off 335,860 shares of Coinbase from three of its funds – ARKW, ARKK, and ARKF – netting a total of $49.2 million.
Remarkably, analysts have estimated that the total amount of Coinbase shares sold by Ark Invest from December 4 to December 12, 2023, reaches a staggering $75 million.
As of now, COIN’s price stands at $138.5 on the TraidingView platform.
To recap, we previously reported that Coinbase’s share price had reached its highest point in 18 months during November 2023.