The US news service Bloomberg according to as of yesterday July 26 have three mutual funds of Ark Invest sold over 1.41 million Coinbase shares. The equivalent is said to have amounted to about 75 million US dollars. Cathie Wood’s investment company was the crypto exchange’s third-largest shareholder, Bloomberg writes.
The scandals all around Coinbase increase. After Brian Armstrong’s crypto exchange struggled with mass layoffs, a former employee was arrested over possible insider trading. But that’s not all: Yesterday it was announced that the US Securities and Exchange Commission, SEC, had initiated investigations into the crypto exchange. The accusation: Coinbase sold unregistered securities.
The share of the largest crypto exchange in the USA had to cope with a lot: At the close of the market yesterday, the security fell by more than 20 percent. But Cathie Wood’s flagship ETF also had to lose feathers: The ARK Innovation ETF has lost more than half of its value since the beginning of the year.