The latest Coinbase sale by ARK is one of its largest daily COIN sales in 2023, third only to two massive sales in July.
ARK Invest, one of the firms hoping to launch a spot Bitcoin exchange-traded fund (ETF) next year, is continuing to rake in the profits made from its large stash of Coinbase (COIN) stock.
On Dec.
The trading firm offloaded 201,711 Coinbase shares from the ARK Innovation ETF (ARKK) alone, with an additional 28,535 COIN and 7,326 COIN being sold by the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW), respectively.
Cryptocurrency exchange Coinbase's stock is posting new yearly highs in line with the bullish crypto market, surging 280% year to date (YTD), according to data from TradingView. COIN shares have also been rallying after rival exchange Binance and its former CEO Changpeng Zhao pleaded guilty to money laundering and sanctions violations in the United States in November.
On Dec.
The latest Coinbase sale by ARK is one of its largest daily COIN sales in 2023, third only to the massive 478,356 COIN sale on July 14 and the 248,838 COIN sale on July 17.
In addition to aggressive Coinbase selling, ARK has also sold 168,127 Grayscale’s Bitcoin Investment Trust (GBTC) shares.
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