COIN

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 Coinbase shares have surged so much since Binance agreed to a $4.3 billion penalty&nbsp;to settle criminal charges in the US that Ark Invest’s Cathie Wood is already taking profits.
 COIN stock has surged 13% since the Binance deal to more than $119 and it’s up more than 250% since January amid a regulatory crackdown in the US.
 ARK Invest sold 43,956 Coinbase shares from its ARK Fintech Innovation ETF on November 27 as COIN surged to an 18-month high following the recent enforcement action against Binance.
 ARK sold at $119.7 per share, giving the transaction a total value of $5.3 million.
 Coinbase has often touted itself as a compliant exchange and is emerging as a big winner from Binance’s US woes.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace compliance to become a generational company that stood the test of time. We got the licenses, hired the compliance and legal teams, and made it clear our brand was about trust…
 — Brian Armstrong 🛡️ (@brian_armstrong) November 21, 2023
 </blockquote>
 
 Binance was Coinbase’s largest competitor in the US and globally. But Binance’s dominance in the crypto industry has weakened in 2023 after repeated regulatory attacks in the US and abroad.
 Binance last week pleaded guilty to violating money laundering and sanctions laws in the US and its founder, Changpeng Zhao, stepped down as CEO for three years and agreed to pay a $50 million fine.
 Still, Coinbase is not immune to regulatory woes of its own and the US Securities and Exchange Commission (SEC) sued it in June.
 Armstrong though remains optimistic about the outcome of the litigation and says it will help establish greater regulatory clarity “regardless of the outcome.”
 <h2 id="ark-also-sold-coinbase-shares-earlier">ARK Also Sold Coinbase Shares Earlier</h2>
 ARK has sold Coinbase shares several times this year. In October, the investment firm sold 63,675 COIN shares from the ARK Next Generation Internet ETF (ARKW), valued at $5.1 million.
 In July 2023, ARK also sold over $103 million worth of COIN stock. At the time, the stock traded at around $90.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Coinbase CEO says crypto industry can turn the page after historic Binance settlement https://t.co/kV99CtcF0n
 — CNBC (@CNBC) November 27, 2023
 </blockquote>
 
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 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/coinbase-shares-soar-after-binance-us-settlement-as-ark-s-cathie-wood-takes-profits-tbt71918.html">https://thebittimes.com/coinbase-shares-soar-after-binance-us-settlement-as-ark-s-cathie-wood-takes-profits-tbt71918.html</a>
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Coinbase Shares Soar After Binance US Settlement As Ark’s Cathie Wood Takes Profits

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TheBitTimes

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