Ark Investment Management has sold over 1.4 million of Coinbase shares for almost $75 million. According to the firm's email newsletter, ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation sold a total sum of 1,133,495 COIN shares.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Despite the massive dump, the Florida-based investment management firm is still holding hundreds of millions of dollars in Coinbase's shares. The sell-off comes amid a significant plunge of COIN's value as the shares lost over 20% over the past 24 hours.
The move comes shortly after reports said that the US Securities and Exchange Commission (SEC) initiated an investigation to find out whether Coinbase let Americans trade tokens that should have been registered as securities.
In July, the US Department of Justice (DoJ) charged a former Coinbase employee and two of his collaborators with insider trading through which they realized ill-gotten gains totaling approximately $1.5 million.
DOJ said that Ishan Wahi, a former product manager at Coinbase, made a scheme to commit insider trading in cryptocurrency assets by using confidential information about which crypto was scheduled to be listed on the platform.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange