ARK offloads $5.2M in Coinbase stock amid 18-month high
Cathie Wood’s ARK Invest has sold another 43,956 Coinbase shares as the stock hits an 18-month high at $119.7 per share. ARK Invest, one of the companies that filed an application for a spot Bitcoin (BTC) exchange-traded fund (ETF), is again taking profits on its Coinbase (COIN) shares as the stock price surges. On Nov. 27, ARK sold 43,956 Coinbase shares from its ARK Fintech Innovation ETF (ARKF), according to a trade notification seen by Cointelegraph. Coinbase stock reached $119.7 per share at the time of the sale, giving the transaction a value of $5.3 million, data from TradingView shows. Coinbase crypto exchange has seen its shares jump to an 18- month high after rival exchange Binance and its former CEO Changpeng Zhao pleaded guilty to money laundering and sanctions violations in the United States on Nov. 21, 2023. According to data from TradingView, Coinbase stock is up 168% over the past year, surging more than 220% since January 2023. The stock is still down about 70% fr...