The latest Coinbase sale by ARK is one of its largest daily sales in 2023, third only to two massive sales in July.
ARK Invest, one of the firms hoping to launch a spot Bitcoin exchange-traded fund (ETF) in 2024, is continuing to rake in the profits made from its large stash of Coinbase stock.
On Dec. 5, ARK dumped as many as 237,572 Coinbase shares from its three funds, according to a trade notification seen by Cointelegraph. The sale came on the day the Coinbase stock closed at $140 per share, netting at least $33 million.
The trading firm offloaded 201,711 Coinbase shares from the ARK Innovation ETF (ARKK) alone, with an additional 28,535 and 7,326 being sold by the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW), respectively.