ARK Invest Sells 133,000 Coinbase Shares
09 Jan, 2024 ● Crypto News
On January 5, Cathie Wood's ARK Invest made another sale of 133,823 shares in the cryptocurrency exchange Coinbase.
This occurred while Coinbase's stock started trading at $152.67 and closed the day at $153.98.
On January 8, ARK Invest, a US-based asset management company, disclosed its trades for January 5 on X (formerly Twitter).
These trades included the sale of 107,151 Coinbase shares from its ARK Innovation ETF (ARKK), 15,892 from its ARK Next Generation Internet ETF (ARKW), and 10,780 from its ARK Fintech Innovation ETF (ARKF).
The recent sale of Coinbase shares amounted to approximately $20.6 million, with the stock price hovering around $153.98. ARK Invest also made changes to its holdings by selling some of its Stratasys holdings and purchasing shares in Palantir Technologies and Iridium Communications.
This sale of Coinbase shares follows previous divestments, with ARK Invest selling 166,000 Coinbase shares on January 3, valued at around $25 million, and a prior sell-off of 237,000 shares on December 5, 2023.
In December and January alone, ARK Invest generated around $78 million from the sale of Coinbase shares.
Despite these ongoing divestments, ARK Invest still retains a significant number of Coinbase shares. Coinbase remains the largest asset in the ARKK ETF, comprising 10.04% of the portfolio.
It also holds the largest position in the ARKW ETF at 10.37% and in the ARKF ETF at 13.41%.
These sales come as the cryptocurrency community anxiously awaits a decision from the United States Securities and Exchange Commission (SEC) regarding the approval or denial of the first spot Bitcoin exchange-traded fund (ETF) available for U.S. investors.
Cathie Wood's ARK Invest is one of the 14 companies that have filed for a spot BTC ETF with the SEC.
ARK's spot Bitcoin ETF, ARK 21Shares, was developed in collaboration with the Swiss firm 21Shares, known for offering cryptocurrency exchange-traded products.
ARK and 21Shares were the first to submit updates to their spot Bitcoin ETF filing ahead of the SEC's December 29 deadline.
On January 4, the ARK 21Shares Bitcoin ETF filed a registration notice with the SEC, which has until January 10 to approve or deny the ETF application.
Sources:
