ARK Invest Makes Major Sale of Coinbase Shares, Cashing in on Market Surge

By: Eliza Bennet

ARK Invest, with plans for a Bitcoin ETF launch, has recently executed a significant sale of Coinbase shares, banking profits from a rising market. An impressive 237,572 COIN shares were sold across three different ETFs: ARKK, ARKW, and ARKF. This hefty sale finds itself among ARK's largest in 2023, surpassed only by grand sales in July.

The surging cryptocurrency market has seen Coinbase's share price hitting new yearly highs, with an increase of 280% year-to-date, as per TradingView data. The shares' rally was also arguably influenced by legal complications encountered by its rival, Binance in the US.

The decision from ARK Invest to sell is quite notable given the concurrent disposal of 168,127 Grayscale's Bitcoin Investment Trust (GBTC) shares. It remains uncertain if such large-scale selling indicates a strategic shift within the firm or simply a move to secure substantial gains.