ARK Sells $5.2M in Coinbase Shares

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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.