Coinbase in the storm – After attracting the wrath of the SEC after the drifts ofa former product manager in the quotation servicesresponsible for fraud amounting to $1.5 million. Damaged by this reputation, the company’s shares have fallen and the American crypto giant seems to be losing ground. In this delicate context, our colleagues from Coindesk tell us this morning thatArk Investhigh-flying venture capitalist, dumped its shares Corner, Coinbase shares. This does not help the business of the cryptocurrency platform.
1.4 million Coinbase shares sold
In the face of plummeting stock prices, with Coinbase shares dropping another 21.08% yesterday. Ark Invest has therefore decided to leave the ship, not without recovering a few pennies: 1.4 million Coinbase (COIN) shares.
Also, Cathie Wood, the general manager and the director of investments of Ark Invest has confirmed these remarks. The latter specifies that these are three investment funds that have been sold. Ark Invest had bought more than half a million shares in May.
On this assumed losing trade, Ark Invest would therefore have incurred losses of nearly 82%, for an estimated purchase price of $254 per share, now resold at around $52 per share.
At the time of writing these few lines, the actions of the American giant do not seem to have recovered, quite the contrary. Weakened by a turnover which does not respect the forecasts, certainly, the crypto winter is proving to be tough for Coinbase which also had to separate from number of its employees.
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