The rise in the cryptocurrency market led by Bitcoin has drawn many investors to this sector and led to a significant increase in investment products related to the crypto industry. Recent developments have revealed that Fred Ehrsam, co-founder of Coinbase, and ARK Invest have sold $14 million worth of Coinbase shares in the last 48 hours.
Insider Tracker shared information that Fred Ehrsam sold 97,836 COIN shares for $13.2 million on December 11th. Furthermore, ARK Invest’s daily trading bulletin highlighted that the ARK Innovation ETF (ARKK), known for its crypto-friendly approach, disposed of approximately $1.5 million worth of 10,933 COIN shares.
The value of ARKK ETF’s share sale at the time represented 0.0185% of the fund. According to Insider Tracker’s data, individuals within Coinbase have sold significant amounts of COIN shares over the past week.
Influenced by the surge led by Bitcoin, Coinbase’s share price has shown significant growth over the past month. The share price, which had fallen to $70 at the end of October 2023, rose to $146 per share at the beginning of December, pleasing its investors.
It is reported that ARK Invest continues to sell Coinbase shares in recent weeks, and while ARK Invest sold over $100 million in COIN in December 2023, the US-based platform RobinHood continued to accumulate its shares. During this period, there have been significant increases in the stocks of publicly traded crypto service companies. Especially the shares of Bitcoin mining companies continue to see satisfying increases due to the activity in the Bitcoin ecosystem and the momentum in Bitcoin’s price.