ARK Invest sold a total of 1.41 million Coinbase shares worth $75 million on July 26 and following the trading session, the market capitalization of the exchange fell by 21.1%.
The market has also reacted to information about the SEC investigation into Coinbase.
According to the firm’s daily newsletter, Ark Innovation (ARKK) has sold 1.13 million shares, Next Generation Internet 174.6 thousand shares and Fintech Innovation 110.2 thousand shares.
As of the end of June, ARK Invest was the third shareholder of Coinbase with 8.95 million shares at its disposal.
The company has been building up the position since the company’s IPO back in 2021. The last largest purchase of 546 thousand shares worth $30 million took place in May this year.