After the decline in the crypto money markets, many companies experienced disruptions in their operations. Unfortunately, some companies had to file the bankruptcy flag. Coinbase, one of the companies experiencing the most trouble in this period, continues to be reflected in the media with bad news. Most recently, three funds of Ark Investment Management have sold a total of more than 1.4 million shares of Coinbase (COIN).
Ark Investment Is Selling Coinbase Shares
On May 12, three funds of Ark Investment Management purchased a total of 546,579 shares of Coinbase Global (COIN). The shares acquired by Ark Investment were valued at approximately $2.9 million. However, after 3 months, the company sold its shares. One of the biggest reasons behind this is that Coinbase shares have lost more than 60 percent in value in the last 3 months due to bankruptcy claims and markets.
Coinbase shares were down 21.08 percent to close at $52.93. Based on Tuesday’s closing price, the divestment shares would have been worth over $75 million.
Finally, let’s mention that Ark sold its COIN share or 0.6833 percent of the fund’s total investments.
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