Ark Invest Sells Coinbase Shares
Cathie Wood’s Ark Invest has been selling off its holdings of Coinbase shares as the price of COIN has surged over 415% in 2023. The asset management firm has been actively managing its funds by offloading millions of COIN shares, along with shares of Grayscale Bitcoin Trust (GBTC).
Details of the Sale
On December 26, Ark Invest sold a total of 15,858 Coinbase shares worth over $2.7 million. The sale included 12,806 shares from ARK Innovation ETF (ARKK), 2,424 shares from ARK Next Generation Internet ETF (ARKW), and 628 shares from ARK Fintech Innovation ETF (ARKF).
Rising Coinbase Price
Despite the recent sale, the price of Coinbase reached a new 52-week high of $178.80 last week. Although it closed slightly lower at $172.05 on Tuesday, it saw a 0.84% increase after the market closed. The surge in crypto stocks’ prices is attributed to the anticipation of a spot Bitcoin ETF approval in early January and overall bullish sentiment in the crypto market.
Bullish Stance on Bitcoin
Although Ark Invest has been selling its Coinbase shares, Cathie Wood remains bullish on Bitcoin. She sees Bitcoin as a new rules-based global monetary system and expects the SEC to approve a spot Bitcoin ETF after January 8. This approval would open the doors for institutional investors to invest in Bitcoin and potentially drive mainstream adoption and global acceptance.
Hot Take: Ark Invest Continues to Offload Coinbase Shares Amidst Rising Prices
Cathie Wood’s Ark Invest has been selling its holdings of Coinbase shares as the price of COIN continues to surge. While this may seem counterintuitive, it aligns with Ark Invest’s active fund management strategy. The firm has been offloading millions of COIN and GBTC shares, indicating a shift in its investment focus. However, Cathie Wood remains optimistic about Bitcoin and expects the SEC to approve a spot Bitcoin ETF in the near future. This approval could have significant implications for the cryptocurrency market and potentially drive mainstream adoption.
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