Cathie Wood, the former leader of the renowned investment firm ARK Invest, sold off Coinbase at a significant loss. According to some estimates, the investment fund with a concentration on technology lost more than $200 million on the deal.

After becoming the first crypto exchange of its sort to list on the stock market in 2021, ARK Investment initially acquired Coinbase stocks for more than $200 per share. The price of COIN is now about $52. Recently, defending their investment in Coinbase and even buying the dip back in May, ARK and Cathie Wood. The shares of Coinbase owned by ARK were a component of their tech-focused ARKK fund. The fund is well-known for having invested in Tesla and for keeping the electric vehicle stock in its hands through several controversies and high-profile short bets by illustrious investors.

Cathie Wood & Ark Invest's trade activity from today 7/26 pic.twitter.com/P1NJxmht38

— Ark Invest Daily (@ArkkDaily) July 27, 2022

The selloff occurred after Coinbase faced criticism from the SEC, which impacted investors’ perceptions of Coinbase. After charging a former employee of Coinbase and two of his accomplices with insider trading, the SEC criticised Coinbase. In the same lawsuit, the SEC accused Coinbase of listing nine tokens that ought to be registered as securities.

Since there is still no legislation that resembles a crypto law on the books, it is unclear exactly what Coinbase accomplished. Coinbase can’t really get in trouble for anything as there are no rules or regulations in existence, but the price is still down significantly. Former ally Goldman Sachs changed their exchange advice from “Buy” to “Sell.”

The additional funds were invested in Shopify, the industry leader in eCommerce, by Cathie Wood’s ARKK fund. Earlier this year, Shopify integrated Bitcoin payments.

Read more:

• Selling paypal’s venmo assets would support rival cash app, says Cathie Woods
• Ark Investment firm collabs with 21Shares to re-file their application for Bitcoin Spot ETF

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