According to Cointelegraph: Coinbase co-founder Fred Ehrsam and ARK Invest have collectively sold more than $14 million worth of Coinbase shares over the past 48 hours.
Trading data from Insider Tracker, a service that provides trading data for high-profile individuals and companies, indicates that Ehrsam sold 97,836 COIN shares amounting to an estimated $13.2 million on Dec. 11, 2023.
At the same time, ARK Invest's ARK Innovation ETF (ARKK) shed approximately 10,933 COIN shares valued around $1.5 million, as reported in ARK Invest's daily trade information newsletter. These sold shares represented around 0.0185% of the total ARKK ETF.
Over the last three weeks, significant amounts of COIN shares have been sold by Coinbase insiders, according to Inside Tracker's data.
Despite this, Coinbase's share price has appreciated over the past three months, ranging from a low of $70 at the end of October 2023 to a high of $146 per share in early December 2023.
ARK Invest has consistently been divesting of its COIN holding, having sold more than $100 million worth of Coinbase shares in December 2023 alone.
