Ark Invest Offloads $20M in Coinbase Shares Amid Bitcoin ETF Anticipation
Cathie Wood’s Ark Invest has reduced its stake in Coinbase, selling shares worth over $20 million. This move comes as the investment firm anticipates the approval of a spot Bitcoin Exchange Traded Fund (ETF) by the Securities and Exchange Commission (SEC).
Despite this significant divestment from Coinbase, Ark Invest maintains a bullish outlook on Bitcoin for 2024. The firm’s optimism is fueled by several key developments, including the potential for a spot Bitcoin ETF, the upcoming Bitcoin halving event, increasing regulatory clarity, and a growing trend of retail adoption.
Ark Invest Sells Coinbase Shares Ahead of Spot Bitcoin ETF Decision
On January 5th, Cathie Wood’s Ark Invest sold a significant portion of its Coinbase holdings, amounting to a total of 113,823 shares valued at nearly $20.6 million.
The divestment was spread across three of Ark Invest’s ETFs. The ARK Innovation ETF (ARKK) parted with 107,151 Coinbase shares, the ARK Next Generation Internet ETF (ARKW) sold 15,892 COIN shares, and the ARK Fintech Innovation ETF (ARKF) offloaded 10,780 COIN stocks.
This reduction in Coinbase exposure by Ark Invest is significant, as it seems to pivot towards potentially more lucrative opportunities with the expected launch of a spot Bitcoin ETF.
This maneuver by Ark Invest could mark one of the final phases of its Coinbase share sell-offs. The firm, known for its forward-thinking investment strategies, appears to be realigning its portfolio in anticipation of new developments in the cryptocurrency market, particularly the possible green light for the much-awaited spot Bitcoin ETF by the SEC.
Ark Invest Continues to Unload Coinbase Shares Amid Price Decline
Coinbase (COIN) experienced a notable drop in its stock price, closing down 1.04% at $153.98 on Friday. This downturn is part of a broader weekly decline of 17.28%, fueled in part by ongoing profit-booking activities among traders and influenced by consistent sell-offs from Ark Invest’s funds.
The latest transaction by Cathie Wood’s Ark Invest marks a significant reduction in its Coinbase holdings, totaling the sale of 310,109 COIN shares.
This series of sales includes 26,743 COIN shares sold on January 4th, valued at over $4 million, a substantial offload of 166,183 COIN shares on January 3rd, worth more than $25.3 million, and a smaller sale of 3,360 COIN shares on January 2nd, amounting to over $580K.
Ark 21Shares Spot Bitcoin ETF Update and 2024 Bitcoin Outlook
Ark Invest podcast titled “What Will 2024 Bring for Bitcoin?”, recent had a panel of industry leaders joined ARK Invest’s director Yassine Elmandjra and CEO Cathie Wood to discuss the prospects and future of Bitcoin in the year 2024.
This insightful session featured Parker Lewis from Zaprite, Lyn Alden of Lyn Alden Investment Strategy, Ryan Gentry from Lightning Labs, Preston Pysh of The Investor’s Podcast Network, Lucas Nuzzi of CoinMetrics, and Rod Roudi, co-founder of Bitcoin Park.
In a parallel development, the Chicago Board Options Exchange (CBOE) has updated the filing for Ark 21Shares’ spot Bitcoin ETF with a 19b-4 amendment.
This amendment is a critical step in the process and signals a strong possibility that the spot Bitcoin ETF could receive approval as early as next week. The SEC is expected to announce its decision regarding the approval of the spot Bitcoin ETF on January 10, according to some reports.
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