(CTN News) – According to Insider Alerts, data suggests that COIN shares are being sold by Coinbase insiders this December, with co-founder Fred Ehrsam III being the most active seller.
Notably, various executives and prominent shareholders at the exchange have also been partaking in the selling of company shares.
This trend aligns with the actions of Cathie Wood’s asset management firm, Ark Invest, and coincides with Coinbase’s stock reaching a new annual peak.
Coinbase Execs Sell $120M+ in Shares.
In December, Coinbase experienced significant insider selling activity, as reported by Insider Alerts. The total volume of shares sold amounted to over $120 million.
Leading the selling spree was co-founder Fred Ehrsam III, who disposed of more than 450,000 shares in various transactions. The largest transaction involved the sale of 114,142 shares for $14.9 million.
Coinbase’s Chief Product Officer, Lawrence J Brock, also engaged in insider selling, selling 104,767 COIN shares in a single transaction for $18.3 million. Additionally, CEO Brian Armstrong ranked as the third most active seller, offloading 146,150 shares in multiple transactions for $21.6 million.
Other executives at, including CFO Alesia J. Haas, Director Rajaram Gokul, COO Choi Emilie, and several others, also participated in the selling spree. They collectively sold millions of dollars worth of shares in December.
Despite COIN’s price reaching $185.2, marking a 480% increase year-to-date, it still remains below its all-time high of $342.9, which was recorded in November 2021.
ARK Invest profits from Coinbase stock investment.
Ark Invest, led by Cathie Wood, has sold 149,780 Coinbase shares, worth $24.2 million, as the stock reached new yearly highs. This includes 132,782 shares, worth $21.5 million, from their Innovation ETF and 16,998 shares, worth $2.7 million, from their Next Generation Internet ETF.
The sale is part of Ark Invest’s strategy to rebalance their fund weightings due to the surge in COIN’s price. They have sold over $200 million worth of Coinbase stock in the past month. This move aligns with the expectation of a Bitcoin ETF approval by the SEC before January 10, 2024. The recent selling could be seen as a profit-taking strategy.
SEE ALSO:
CryptoQuant Predicts a Bitcoin ETF Approval May Trigger a “Sell The News” Response.
