Coinbase shares fell on Wednesday from the 19-month high of $147.86 touched earlier in the week, closing at $134.63.
ARK sold a total of 237,572 COIN shares across three different ETFs: ARKK, ARKW and ARKF.
Shares in the cryptocurrency exchange have rallied nearly 300% this year, and the latest chart pattern suggests further gains could still be in the offing.
COIN reached its highest level since April 2022, rising to $130.31 on Wednesday.
The sale of 38,668 COIN shares from the Ark Fintech Innovation ETF follows a similar offload on Monday.
With hot competition between layer-2 technology providers like Optimism, Polygon and Matter Labs, Celo’s choice is being closely watched by the blockchain industry.
Coinbase CEO Brian Armstrong says the industry can finally close the chapter of bad actors after the recent settlement between Binance and the U.S. Department of Justice.
The race to provide a key bit of infrastructure for bitcoin [BTC] ETFs – custody services – hasn’t actually been much of a race so far. Crypto exchange Coinbase has dominated so far, winning the job from the majority of applications from the likes of BlackRock, WisdomTree and Valkyrie.
The move appears to be in anticipation of the approval of spot bitcoin ETFs.
With two months to go before the U.S. Securities and Exchange Commission (SEC) faces another set of deadlines to decide on a large number of applications to form spot bitcoin exchange traded-funds (ETFs), analysts are speculating on how approval of such vehicles would impact the crypto industry.