ARK Invest Sells Coinbase Shares as Price Surges
As Binance faces legal troubles, Coinbase shares have reached an 18-month high of $119.7 per share. This surge came after Binance agreed to pay a $4.3 billion fine and its CEO stepped down. The US government has charged Binance with violating anti-money laundering laws and sanctions.
Coinbase Shares Reach 18-Month High
According to TradingView, Coinbase shares closed at $119.77 on November 27, the highest since May 5, 2022. The price increase was driven by the Binance scandal and Coinbase’s role as custodian for recent spot bitcoin ETF applications.
ARK Invest Takes Profits
In response to the surge, ARK Invest sold an additional 43,956 Coinbase shares worth $5.2 million. Cathie Wood’s firm systematically sold some of its Coinbase shares throughout 2023.
ARK Continues to Adjust Holdings
Despite selling shares now, ARK Invest bought 420,000 COIN shares in June after the SEC sued Coinbase.
Hot Take: Coinbase Soars Amidst Binance Troubles
Coinbase’s stock price has skyrocketed to an 18-month high as rival exchange Binance faces legal issues and regulatory scrutiny. This surge in price has led ARK Invest to sell some of its Coinbase shares, taking profits worth approximately $5.2 million. However, despite the recent sales, ARK Invest continues to adjust its holdings in the cryptocurrency exchange. It remains to be seen how the ongoing legal troubles surrounding Binance will impact the broader crypto market.
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