Coinbase insiders, led by co-founder Fred Ehrsam III, are cashing out as COIN prices surge 480% year-to-date. Executives, including CEO Brian Armstrong, join the selling spree, while Ark Invest follows suit, offloading millions amid rising crypto stock prices and the looming Bitcoin ETF decision.
December witnessed substantial insider selling at Coinbase, surpassing $120 million. Co-founder Fred Ehrsam III led the trend, shedding 450,000 COIN shares, the largest transaction netting $14.9 million. CEO Brian Armstrong and CPO Lawrence J Brock were also active sellers, contributing to the overall sell-off.
Simultaneously, Ark Invest, under Cathie Wood, continued its divestment strategy, selling 149,780 COIN shares ($24.2 million). This move aligns with Ark’s portfolio rebalancing amid COIN’s surge to $185.2, marking a 480% increase YTD. Notably, Ark Invest has unloaded over $200 million of Coinbase stock in the past month.
As the crypto community anticipates the SEC’s decision on a Bitcoin ETF by January 10, 2024, the recent selling spree by both Coinbase insiders and Ark Invest raises questions. Is it a prudent profit-taking move or a cautious response to potential market shifts? Only time will reveal the implications of these strategic sell-offs.