Coinbase co-founder and ARK Invest sell millions of dollars worth of COIN shares

Co-founder Fred Ehrsam and ARK Invest divest from Coinbase

Coinbase co-founder Fred Ehrsam and investment firm ARK Invest have sold a combined total of over $14 million in Coinbase shares in the past 48 hours, according to public trading data. Ehrsam sold 97,836 COIN shares for $13.2 million on December 11th, while ARK Invest's ARK Innovation ETF offloaded 10,933 COIN shares worth around $1.5 million.

Significant selling by Coinbase insiders

According to Insider Tracker, a service that shares trading information of high-profile company executives and politicians, Coinbase insiders have been steadily selling large amounts of COIN shares over the past three weeks. This comes as Coinbase's share price has seen a significant increase, trading as low as $70 in October 2023 and reaching $146 per share in early December.

ARK Invest's continued selling of Coinbase shares

ARK Invest has been consistently divesting from Coinbase shares in recent weeks, with over $100 million in COIN sales in December 2023. This follows reports from multiple publications on ARK Invest's ongoing selling activity.