ARK Invest sells $5.2M in Coinbase Shares amid 18-month high

Recently, ARK Invest took advantage of the rising price of Coinbase (COIN) stock, signaling yet another round of profit-taking.

From its ARK Fintech Innovation ETF (ARKF), ARK sold off 43,956 Coinbase shares on November 27. At the time of the sale, Coinbase stock was trading for $119.7 per share, or around $5.3 million.

This action comes after Binance and its former CEO Changpeng Zhao entered a guilty plea to charges of money laundering and violating sanctions on November 21, 2023, which caused Coinbase’s stock to reach an 18-month high.

stock has risen 168% in the last year, with a 220% spike since January 2023, despite a 70% decline from its top in September 2021.