ARK Takes Profit on Coinbase Shares Again
ARK has once again taken profits on Coinbase shares, as recent data shows. On March 21, ARK sold 160,887 shares of Coinbase from the ARK Fintech Innovation ETF, resulting in a sale amount of $13.5 million, at a price of approximately $84 per share.
Before ARK took profits on the Coinbase shares, Cathie Wood had actively accumulated these shares in various ARK funds. In June alone, ARK purchased approximately $40 million worth of Coinbase stock. Previously, in April and May, the investment company acquired shares worth approximately $33 million, followed by a $117 million purchase of Coinbase shares in March.
In addition to ARK, several Coinbase executives, including CEO Brian Armstrong, have sold their shares over the past few months of price increases. On July 6, Armstrong and several other executives collectively sold 88,058 shares, valued at the time at approximately $6.9 million. Earlier, on June 29, Jennifer Jones, Coinbase’s Chief Accounting Officer, also sold 74,375 shares, amounting to $5.2 million.
Remarkably, Coinbase’s price has continued to rise despite the pending lawsuit from the US Securities and Exchange Commission (SEC). This continued growth can be attributed in particular to investor concerns about missing the submission of the BlackRock spot Bitcoin ETF, which lists Coinbase as a “surveillance-sharing” partner.
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