Co-founder of Coinbase, Fred Ehrsam, and investment firm ARK Invest have recently sold over $14 million worth of Coinbase shares, according to public trading data. Insider Tracker, a service that provides information on high-profile trades, revealed that Ehrsam sold 97.836 COIN shares for $13.2 million on December 11. Additionally, ARK Invest’s daily trade information newsletter disclosed that its ARK Innovation ETF (ARKK) sold 10,933 COIN shares valued at approximately $1.5 million. These sales represent 0.0185% of the ARKK ETF.

Over the past three weeks, Coinbase insiders have been consistently selling significant amounts of COIN shares, as indicated by Inside Tracker’s data. Despite this selling activity, Coinbase’s share price has experienced substantial growth in the last three months, rising from a low of $70 in October 2023 to a high of $146 per share in early December.

Several publications have reported on ARK Invest’s ongoing selling of Coinbase shares, with the investment firm having sold over $100 million worth of COIN in December 2023. This news comes amidst growing concerns about substance abuse among crypto traders, as highlighted in a recent magazine article.