Ark Invest Is Dumping Large Amounts of Coinbase (COIN) Stock, Heres Why
The recent batch of dumping Coinbase (COIN) shares has been the largest from Ark Invest in 2023. COIN stock price is around a new yearly high of $140. Cathie Woods asset management firm Ark Invest has been liquidating its Coinbase Global Inc (NASDAQ: COIN) stock holdings in big numbers recently. On December 5, ARK executed the sale of up to 237,572 Coinbase shares across its three funds, as indicated by a trade notification. The transaction occurred when Coinbases stock closed at $140 per share, resulting in a minimum revenue of $33 million. The ARK Innovation ETF (ARKK) led the divestment with 201,711 shares, while the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW) contributed 28,535 COIN and 7,326 COIN, respectively. Coinbase‘s stock is achieving new annual peaks, reflecting the positive momentum in the cryptocurrency market, with a remarkable year-to-date surge of 280%, as indicated by TradingView data. The rally of COIN shares has been notably influenced by recent developments involving its competitor, Binance, and its former CEO Changpeng Zhao. In November, Binance pleaded guilty to money laundering and sanctions violations in the United States, contributing to the upward trajectory of Coinbase’s stock. On December 5, Coinbases stock attained a






