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Cathie Wood-Led Firm Continues Divesting as Coinbase’s Resilience Holds
- ARK Invest, led by Cathie Wood, sells 166,183 Coinbase shares, amounting to $25.3 million, following a larger divestment exceeding $200 million.
- Despite the sell-off, Coinbase demonstrates resilience with a 300% surge in stock value over the past year.
- ARK Invest strategically adjusts its cryptocurrency portfolio, redirecting funds to Bitcoin-related ETFs, signaling preparations for potential SEC decisions on spot Bitcoin ETFs by January 10, 2024.
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Start TradingARK Invest, under the leadership of Cathie Wood, has recently offloaded a significant portion of its Coinbase Global Inc. holdings. The sale involved 166,183 shares, amounting to an approximate total of $25.3 million. A recent post on X revealed that the ARK Innovation ETF (ARKK) accounted for the divestment of 145,048 Coinbase shares, while the ARK Next Generation Internet ETF (ARKW) sold 21,135 shares on January 3, 2024. This move comes on the heels of ARK Invest’s larger-scale divestment, surpassing $200 million in Coinbase shares. The series of sales underscores a pronounced shift in the firm’s investment strategy concerning the cryptocurrency exchange.
Also Read: BitMEX Co-Founder Arthur Hayes Shares Possible “Signposts” for Crypto Industry
Coinbase’s Resilient Stock Performance Amid Sell-Off
Despite ARK Invest’s continuous sell-off of Coinbase shares, the cryptocurrency exchange has displayed resilient stock performance, boasting a remarkable surge of over 300% in the past year. However, it is noteworthy that Coinbase’s stock experienced a 2.96% decline, closing at $152.24 on Wednesday. This article aims to delve into the potential implications of ARK Invest’s sell-off on Coinbase’s stock and will explore the factors contributing to the exchange’s ability to withstand the ongoing divestment.
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Start TradingARK Invest Adjusts Cryptocurrency Portfolio Ahead of Potential SEC Decision
On January 2, 2024, ARK Invest executed another round of strategic sales, shedding 3,360 Coinbase shares and 23,606 shares of Robinhood Markets Inc., with a cumulative value exceeding $880,000. Notably, ARK Invest also liquidated 2.25 million shares of the Grayscale Bitcoin Trust (GBTC) last week, amounting to approximately $81 million.
Redirecting these funds, ARK Invest made strategic investments in the ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA) and the ProShares Bitcoin Strategy ETF (BITO). This reallocation signals ARK Invest’s preparations for the potential approval of its own spot Bitcoin ETF. Additionally, the article will cover the regulatory landscape, highlighting the revisions made by issuers of spot Bitcoin ETFs in anticipation of a decision from the U.S. SEC, expected as early as January 10, 2024.
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The post Cathy Wood’s ARK Invest Sells Off More Coinbase Shares Worth $25M appeared first on Bitcoinsensus.
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