Insights

ARK Invest Dumps Large Coinbase Shares

Ark Invest completed the sale of 98,427 shares of Coinbase worth over $25 million, Business Insider reported. This was just at the moment BTC reached $58K. Coinbase’s stock had risen to a high of $262.91 Monday, but is closed at $256.50. The stock is down 21% this year.

Cathie Wood; the CEO of ARK Invest publicly shared her price prediction for Bitcoin. She believes BTC will hit $500,000 in the next five years. It is important to remember that there are roughly 8 Billion people in the world and only 21 Million BTC… Not to mention all of the missing or lost wallets/coins and the million BTC in Satoshis wallet, but assuming all 21 million were in circulation… If you divide bitcoin up equally there is only enough BTC for everyone to have 0.00262500 BTC. It would make better sense for ARK to push that fiat profit into BTC.

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