According to public trading data, Coinbase co-founder Fred Ehrsam and ARK Invest have sold more than $14 million of Coinbase shares over the past 48 hours.

Information shared by Insider Tracker, a service that shares trading information of high-profile company executives and politicians, shows that Ehrsam sold 97.836 COIN shares for $13.2 million on Dec. 11.

Meanwhile, ARK Invest’s daily trade information newsletter, which provides updates on its actively managed exchange-traded funds (ETFs), showed that its ARK Innovation ETF (ARKK) had offloaded some 10,933 COIN shares valued at around $1.5 million.

The shares represented 0.0185% of the ARKK ETF. Inside Tracker’s data suggests that Coinbase insiders have been selling significant amounts of COIN shares over the past three weeks.

Coinbase’s share price has appreciated significantly over the past three months, having traded as low as $70 at the end of October 2023 and rising as high as $146 per share in early December.

Several publications have reported ARK Invest’s continued selling of Coinbase shares in recent weeks. Ark has sold more than $100 million of its COIN in December 2023.

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