Coinbase Insiders Unload Shares as COIN Skyrockets 480% YTD

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.

Disclaimer: The information provided in this article is for educational and informational purposes only. It should not be considered financial advice from Cryptozi or any other entity. We want to emphasize that if readers use the content or services mentioned in this article, Cryptozi is not responsible for any resulting losses. Therefore, it is strongly advised to exercise caution and consult with financial professionals before making any financial decisions that could impact your financial situation.

Lastest

Coinbase Commerce Faces Backlash for Dropping Dogecoin Support

Coinbase Commerce discontinues support for native Bitcoin, Dogecoin,...

Digitex Futures Exchange CEO Faces US Charges for Bank Secrecy Act Violation

Adam Todd Indicted: CEO of Digitex Futures Exchange,...

Forbes Establishes Permanent Metaverse Presence with ‘Luxurious Pool’ and ‘Elegant Bar’

Forbes enters the metaverse with a permanent presence...

Virginia Senate Proposes $39K Annual Fund for Crypto and AI Commissions

Virginia Senate Proposal: Allocates $39,240 yearly for Blockchain...

Subscribe

spot_img

Related

Coinbase Commerce Faces Backlash for Dropping Dogecoin Support

Coinbase Commerce discontinues support for native Bitcoin, Dogecoin,...

Digitex Futures Exchange CEO Faces US Charges for Bank Secrecy Act Violation

Adam Todd Indicted: CEO of Digitex Futures Exchange,...

Forbes Establishes Permanent Metaverse Presence with ‘Luxurious Pool’ and ‘Elegant Bar’

Forbes enters the metaverse with a permanent presence...

Virginia Senate Proposes $39K Annual Fund for Crypto and AI Commissions

Virginia Senate Proposal: Allocates $39,240 yearly for Blockchain...

Cryptocurrency Exchange Fixedfloat Suffers $26 Million Hack in BTC and ETH

Automatic Exchange Hacked: Fixedfloat, a centralized cryptocurrency exchange,...
spot_imgspot_img

Coinbase Commerce Faces Backlash for Dropping Dogecoin Support

Coinbase Commerce discontinues support for native Bitcoin, Dogecoin, and Litecoin payments. Product lead Lauren Dowling cites consumer demand for an on-chain payments protocol...

Digitex Futures Exchange CEO Faces US Charges for Bank Secrecy Act Violation

Adam Todd Indicted: CEO of Digitex Futures Exchange, Adam Todd, charged with violating the Bank Secrecy Act. Illegal Operation: Allegations of illegally operating...

Forbes Establishes Permanent Metaverse Presence with ‘Luxurious Pool’ and ‘Elegant Bar’

Forbes enters the metaverse with a permanent presence on the Sandbox platform. The virtual experience boasts a luxurious pool, elegant bar, and a...