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Home Crypto

ARK invest dumps shares of Coinbase after the crypto market crash!

by Nishant K
July 27, 2022
in Crypto, Crypto Exchanges
Reading Time: 2 mins read
0
ARK Invest sells shares of Coinbase

Credits: Blockworks

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The impact of crypto market on the stock market.

The crypto market and stock market are certainly interlinked, even when some experts feel, both of them have got nothing to do with one another. Let’s see the case of Coinbase on how crypto market is interlinked with the stock market.

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Coinbase's share price
Credits: Business Insider

Coinbase is an American publicly traded company that operates a cryptocurrency platform. Since the company deals primarily with cryptocurrencies, the crypto market implosion had a staggering impact on the cryptocurrencies listed in the stock exchange. The company, which happens to be one of the most capitalized crypto exchanges in the world, started struggling to be viable in the market conditions. It went on to lay-off its work force to counter the crypto winter and took many such steps to control the company’s position in the market.

As the company was popular in the cryptocurrency market, it had the vision of dominating the stock market as well and enlisted its first stock in 2021 called COIN. Coinbase’s digital shares at one point in time were trading at around $400 which was the peak the stock witnessed. As soon as the crypto market imploded, the share prices of the company also started seeing a negative trend. The stock which traded over $400 was now reduced to $40.30 at its lowest.

The case study certainly proves that crypto market implosion did play a pivotal role in bringing the stock prices of Coinbase down. There were other reasons such as investigations from SEC which further lowered the stock price of the company.

ARK invest dumps shares of Coinbase.

In the reports, it is mentioned that ARK invest sold off its Coinbase stock. Three funds of Cathie Wood’s Ark Investment Management sold a total of more than 1.4 million shares of Coinbase Global (COIN) on Tuesday, according to the company’s daily trade update email sent out on Wednesday.

The selling of the shares was done by:

  1. Innovation Exchange Traded Fund
  2. Next Generation Internet Fund
  3. Fintech Innovation

.According to the reports, the shares of the company plummeted by at least 20% and ended up trading at just over $50. The offloaded shares value was approximately around $75million.

 

Writer’s Analysis:

In the current market situation, the crypto exchange does look in a turmoil. The ever-prolonging market implosion and the fall in the share prices already is posing a difficult task for the company to stay viable. The move taken by Cathie Wood’s ARK invest has just added more fuel to the fire. As the company moves forward, the little passive steps taken by FED recently, might work as a miracle for the company to stand back in the market.

 

Please share the article with your friends and family and don’t forget to comment about it!

 

Tags: #CryptoARK InvestbitcoinCoinbasecryptocurrencyEthereum
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