Coinbase Co-founder Fred Ehrsam Sells $13M in COIN Shares amid ARK Divestment

Fred Ehrsam, one of the co-founders of Coinbase, and ARK Invest have reportedly sold more than $14 million worth of Coinbase shares over the course of the past 48 hours, as indicated by public trade data.

Insider Tracker, a firm that provides clients with information regarding the trading activities of high-profile company executives and politicians, reported that Ehrsam sold 97.836 COIN shares on December 11 for a total price of $13.2 million.

Meanwhile, the daily transaction information newsletter published by ARK Invest, which offers updates on the actively managed exchange-traded funds (ETFs) it manages, disclosed that the ARK Innovation ETF (ARKK) sold approximately $1.5 million worth of 10,933 COIN shares.

The shares represented 0.0185% of the ARKK ETF. According to the data provided by Inside Tracker, Coinbase insiders have been selling considerable quantities of COIN shares over the course of the past three weeks that have passed.

Between the end of October 2023, when the share price of Coinbase was as low as $70, and the beginning of December, when it reached a high of $146 per share, the price of a share of Coinbase has increased significantly over the course of the past three months.

There have been other reports that have stated that ARK Invest has been continuing to sell Coinbase shares over the past few weeks. More than one hundred million dollars’ worth of Ark’s COIN was sold in December 2023.