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 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.
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 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 <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> 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&nbsp;an 18-<a rel="noopener noreferrer nofollow" title="month" href="https://thebittimes.com/tag/month.html">month</a> 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 <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> is up 168% over the past year, surging more than 220% since January 2023. The <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> is still down about 70% from its all-time high of $319 posted in September 2021, or a few <a rel="noopener noreferrer nofollow" title="month" href="https://thebittimes.com/tag/month.html">month</a>s after its trading launch in April 2021.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/28/05412f91d7837e6efa3768fc5be8eadf.webp">
 <figcaption style="text-align: center;">Coinbase (COIN) price chart over the past year. Source: TradingView
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 ARK has been repeatedly selling Coinbase <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a>s throughout 2023. Cathie Wood’s investment firm previously offloaded 63,675 COIN shares in October from its ARK Next Generation Internet ETF (ARKW), totaling $5.1 million.
 ARK was also actively selling Coinbase shares in July 2023, when the <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> was trading around $90. According to ARK’s trading data, the firm off-loaded more than $103 million in Coinbase shares in July.
 ARK has also been actively selling off Grayscale Bitcoin Trust (GBTC) stock. On Nov. 24, the ARKW dumped 94,624 GBTC shares for roughly $3 million after selling nearly 700,000 GBTC shares in one month.
 According to Bloomberg’s ETF analyst Eric Balchunas, ARK’s sales of GTBC are not an indication that the firm is not bullish on Bitcoin, or making room for its upcoming spot Bitcoin ETF, the ARK Invest and 21Shares (ARKB). “Neither is true,” Balchunas wrote on X (formerly Twitter) on Nov. 27, referring to his previous observations that ARK was likely selling winners and vice-versa to maintain desired weightings.
 Related: Binance charges prove ‘following the rules’ was the right decision — Coinbase CEO
 “Since GBTC is up 76% since August ARK has to sell many shares to keep a 9%-ish weighting. And even with that selling, its weighting has gone up,” the ETF analyst noted.
 While selling Coinbase and GBTC, ARK has concurrently been bagging some crypto-related stocks. On Nov. 27, ARKF acquired 252,421 shares of the crypto-friendly banking app SoFi. Year to date, ARK bought a total of 1.6 million SOFI shares, worth $11 million at today’s prices, according to TradingView. ARK has also been accumulating shares of the crypto-friendly investment app Robinhood, buying $1.1 million worth of the stock on Nov. 8.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ark-offloads-5-2m-in-coinbase-stock-amid-18-month-high-tbt71853.html">https://thebittimes.com/ark-offloads-5-2m-in-coinbase-stock-amid-18-month-high-tbt71853.html</a>

ARK offloads $5.2M in Coinbase stock amid 18-month high

TheBitTimes

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