ARK Invest has sold 160,887 shares of Coinbase (COIN), taking advantage of the asset’s recent price surge. Coinbase’s Brian Armstrong has also sold over 59,000 COIN shares recently.
ARK sells over 160k coinbase (COIN) shares
After several months of aggressively accumulating Coinbase (COIN) shares, Cathie Woods’s ARK Invest has taken advantage of the recent strong rally in the crypto markets partly attributed to the ongoing U.S. traditional banking sector crisis, to take profit on some of its holdings.
According to a Coindesk report, the Florida-based investment management company sold 160,887 shares of Coinbase (COIN) on March 21.
The price of Coinbase shares has increased by over 35% in the last five days, exchanging hands for $83.99 at the time of writing, according to Google Finance.
Notably, ARK is not the only COIN whale taking profit on their holdings, as Coinbase’s Brian Armstrong himself has been actively selling tons of the shares in recent weeks, amassing more than $3.49 million through the sales.
The banking sector crisis fueling the crypto bull run
While some observers and industry experts have argued that the US government may be coordinating efforts to choke its crypto industry through harsh regulatory policies, such as baring banks from servicing web3 businesses, a staking ban.
The crypto markets have reacted positively to the current banking sector turmoil.
Authorities have blamed the collapse of several leading U.S. lenders including Silvergate Bank, Signature, and SVB on crypto. However, the crisis has somehow triggered a resurgence in the cryptoverse, with the global crypto market cap now at $1.18 trillion.
The bitcoin (BTC) price has witnessed an increase of more than 14% in the last seven days, hovering around $28,320, with a 24-hour trading volume of $30,837,053,045. Other established cryptocurrencies including ADA, XRP, BNB, and ETH have also posted decent gains this week.