Ark Invest Management sold 135,152 Coinbase shares for $12 million on July 11, according to data from Cathiesark.
On July 11, COIN rallied to a one-year high of $90, continuing its mostly positive price performance of a recent while. During the last 30 days, Coinbase stock has outperformed Bitcoin’s (BTC) price, increasing by over 60%, while BTC gained less than 20% during the same period.
Source: Tradingview
Coinbase role in Bitcoin ETF applications
With several traditional financial institutions applying for a Bitcoin exchange-traded fund (ETF), most have chosen the exchange as a partner for their surveillance-sharing agreement.
The U.S. Securities and Exchange Commission (SEC) returned the applications filed in June over a lack of clarity and comprehensiveness. The regulator stated that the proposals did not identify or detail the spot Bitcoin exchange that would provide a surveillance-sharing agreement, forcing most applicants to refile and name Coinbase as their partner.
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