ARK offloads $5.2M in Coinbase stock amid 18-month high

ARK Invest, one of the companies that submitted an application for a spot Bitcoin (BTC) exchange-traded fund (ETF), is again taking revenues on its Coinbase (COIN) shares as the stock cost surges.On Nov. 27, ARK sold 43,956 Coinbase shares from its ARK Fintech Innovation ETF (ARKF), according to a trade alert seen by Cointelegraph. Coinbase stock reached $119.7 per share at the time of the sale, providing the deal a value of $5.3 million, data from TradingView shows.Coinbase crypto exchange has actually seen its shares jump to an 18-month high after competing exchange Binance and its previous CEO Changpeng Zhao pleaded guilty to cash laundering and sanctions infractions in the United States on Nov. 21, 2023. According to information from TradingView, Coinbase stock is up 168% over the past year, surging more than 220% considering that January 2023. The stock is still down about 70% from its all-time high of $319 published in September 2021, or a few months after its trading launch in April 2021. Coinbase (COIN) cost chart over the past year. Source: TradingViewARK has actually been repeatedly selling Coinbase stocks throughout 2023. Cathie Woods financial investment company formerly unloaded 63,675 COIN shares in October from its ARK Next Generation Internet ETF (ARKW), totaling $5.1 million.ARK was also actively selling Coinbase shares in July 2023, when the stock was trading around $90. According to ARKs trading data, the company off-loaded more than $103 million in Coinbase shares in July.ARK has also been actively offering off Grayscale Bitcoin Trust (GBTC) stock. On Nov. 24, the ARKW discarded 94,624 GBTC shares for approximately $3 million after selling nearly 700,000 GBTC shares in one month.According to Bloombergs ETF expert Eric Balchunas, ARKs sales of GTBC are not a sign that the company is not bullish on Bitcoin, or making room for its upcoming area Bitcoin ETF, the ARK Invest and 21Shares (ARKB). “Neither holds true,” Balchunas composed on X (formerly Twitter) on Nov. 27, referring to his previous observations that ARK was most likely selling winners and vice-versa to maintain desired weightings.Related: Binance charges show following the guidelines was the ideal choice– Coinbase CEO”Since GBTC is up 76% given that August ARK has to sell lots of shares to keep a 9%-ish weighting. And even with that selling, its weighting has actually gone up,” the ETF analyst noted.While selling Coinbase and GBTC, ARK has actually simultaneously been bagging some crypto-related stocks. On Nov. 27, ARKF obtained 252,421 shares of the crypto-friendly banking app SoFi. Year to date, ARK purchased a total of 1.6 million SOFI shares, worth $11 million at todays prices, according to TradingView. ARK has actually also been building up shares of the crypto-friendly financial investment app Robinhood, purchasing $1.1 million worth of the stock on Nov. 8. Publication: Crypto policy– Does SEC Chair Gary Gensler have the last say?