Coinbase’s stock soared to an 18-month high after the recent Binance fiasco.
The exchange’s stock has increased by 168% year-over-year.
ARK Invest led by Cathie Wood is once again cashing in on its Coinbase shares as the stock price of the exchange increases.
ARK’s transaction filing dated November 27th shows that the company sold 43,956 Coinbase shares from its ARK Fintech Innovation ETF. Based on statistics from MarketWatch, the transaction was valued at $5.3 million, as Coinbase shares hit $119.7 per share at the time of selling.
Following Binance and its former CEO CZ’s guilty plea to US sanctions breaches and money laundering on November 21, Coinbase’s stock soared to an 18-month high.
Significant Gains
Data from MarketWatch shows that Coinbase stock has increased by 168% year-over-year and by nearly 220% since January 2023. Since reaching an all-time high of $319 in September 2021—just a few months after trading began in April 2021—the stock price has fallen by over 70%.
Over the course of 2023, ARK sold Coinbase stocks many times. In October, Cathie Wood led firm sold 63,675 Coinbase shares for a total of $5.1 million via its ARK Next Generation Internet ETF (ARKW).
In July 2023, when Coinbase stock was trading at around $90 per share, ARK was also selling shares vigorously. In July, ARK sold about $103 million worth of Coinbase shares, as seen in the company’s transaction statistics. Grayscale Bitcoin Trust (GBTC) shares have also been moving through ARK’s hands recently. In a single month, the ARKW sold approximately 700,000 GBTC shares, and on November 24th, they sold 94,624 shares for around $3 million.