ARK Sells $5.2M in Coinbase Shares

Reading Time: < 1 minute

ARK Invest, a company that recently filed for a Bitcoin exchange-traded fund (ETF), has sold a portion of its Coinbase shares for profit as the stock price experiences a surge.

As of November 27, according to a trade notification, 43,956 Coinbase shares were sold from the company’s ARK Fintech Innovation ETF (ARKF), with a transaction value of $5.3 million.

This occurred as Coinbase’s share price reached a high of $119.7.

The reason for the stock price surge could be attributed to Binance, a rival exchange, and its former CEO, Changpeng Zhao, pleading guilty to money laundering and sanctions violations in the US on November 21, 2023.

Since January 2023, Coinbase’s stock has experienced a 220% increase and a 168% increase over the past year. However, it is still down about 70% from its all-time high of $319, which it reached in September 2021, a few months after its trading debut in April 2021.

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!