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The surge in the cryptocurrency market, led by Bitcoin, has directed many investors towards this field and paved the way for a significant rise in investment products related to the crypto sector. According to recent developments, public transaction data shows that Coinbase co-founder Fred Ehrsam and ARK Invest have sold more than $14 million worth of Coinbase shares in the past 48 hours.
Data shared by Insider Tracker, a service that publishes trading information of high-profile company executives and politicians, revealed that Coinbase co-founder Fred Ehrsam sold 97,836 COIN shares for $13.2 million on December 11th.
With these developments, the daily trade newsletter that provides updates about actively managed exchange-traded funds (ETFs) known for their crypto-friendly stance, ARK Invest’s ARK Innovation ETF (ARKK), caught attention by offloading about $1.5 million worth of 10,933 COIN shares.
The shares sold represented 0.0185% of the ARKK ETF fund at the time of the transaction. Insider Tracker’s data also shows that individuals within Coinbase have sold a significant amount of COIN shares over the past three weeks.
Coinbase’s share price has gained significant value over the last three months due to the surge led by Bitcoin. The share price, which had fallen to $70 at the end of October 2023, rose to $146 per share in early December, pleasing investors.
Various publications report that ARK Invest has continued to sell Coinbase shares in recent weeks. While ARK Invest made headlines in December 2023 for selling more than $100 million in COIN shares, the company continues to accumulate shares of the US-based platform RobinHood.
During this period, public crypto service companies’ shares have also experienced significant rises. Particularly, the surge in Bitcoin mining companies continues to please investors, driven by the hype in the Bitcoin ecosystem and the momentum in Bitcoin’s price.
