The post Cathie Wood’s ARK Invest Dumps Coinbase Shares At Massive Loss appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Cathie Wood, the founder of cryptocurrency investment firm ARK Invest, sold a gigantic share of her coinbase holdings at the lowest price of $53 which she had initially bought for $254.65, according to a report by Unusual Whales. This move came as a gigantic shock to the company and has caused it a significant loss.

After a 21% decrease from the opening price of $61.74, Coinbase ended the day at the $52.93 mark. The exchange is currently 84% down when compared to its all-time high.

ARK Invest invested in nearly 546,579 shares of Coinbase in May, which were worth $29 million after the market crashed.

ARK Invest’s sudden decision to dump the shares could be due to the sudden probe by the SEC with regards to accusations of insider trading against Coinbase. That isn’t all there is also an ongoing investigation regarding whether the platform allowed the users to trade digital assets that should have been registered as securities.

Cathie Wood was born on November 26, 1955, in Los Angeles, her father served in the British army and the united states air force as a radar system engineer. In 1981 she graduated summa cum laude from the University of Southern California, with a bachelor of science degree in finance and economics. One of her professors was economist Arthur Laffer, who became Wood’s mentor. 

In 1977 she got a job as an assistant economist at Capital group, via her mentor Arthur Laffer. Where she worked for three years. Then she moved to New York City to take a job at Jennison Associates as chief economist, analyst, portfolio manager, and managing director. She worked there for 18 years.

In 1998, she along with Lulu C. Wang co-founded Tuelo capital management, a hedge fund based in New York City. She began her career at AllianceBernstein in 2001 as the chief investment officer of global theme strategies, a position she held for 12 years.  After her idea for actively managing exchange-traded funds based on disruptive innovation was deemed too risky by alliance Bernstein, she left the company and founded Ark of the covenant. ARK’s first 4 ETFs were seeded with capital from Bill Hwang of Archegos Capital.

She was chosen for the inaugural Forbes 50 Over 50 list in 2021, which includes entrepreneurs, leaders, scientists, and innovators over the age of 50.

EntrepreneurOtherCrypto and Blockchain Expert liquidated a large chunk of Coinbase’s shares this Tuesday amidst the reports of the SEC probe. As per the reports, Ark has lost $280 million on the trades.

Coinbase weightings are currently at 2.93% in ARKK, 4.91% in ARKW, and 5.87% in ARKF respectively. The stock is ARKK’s fourteenth-biggest holding and the seventh and fifth biggest holding, respectively, for ARKW and ARKF.

Coinbase is down since last week and has retreated from $79 on Wednesday to a low of $52.63 on Monday, showing a peak decline of about 33%.

What are your views on this? Would a major company like ARK endure a loss of this extent just because of a probe, or is there something grimmer at play? Comment below!