ARK Invest Sells Coinbase Shares Worth $200 Million in December
ARK Invest, the investment company led by Cathie Wood, has sold shares of Coinbase worth nearly $200 million in December. The sale comes as the value of Coinbase shares increased by almost 30% since November. ARK Innovation sold 132,782 shares, while ARK Next Generation Internet ETF disposed of 16,998 shares, totaling $24 million. ARK Invest typically reduces its holdings in Coinbase as share value rises to maintain exposure within a maximum of 10% of its holdings. However, both ARKK and ARKW still hold shares above this threshold.
ARKW Sells GBTC Shares, Acquires Block Shares
In addition to selling Coinbase shares, ARKW also sold a significant number of Grayscale Bitcoin Trust (GBTC) shares and acquired Block shares. It reduced its GBTC stake by 398,383 shares and acquired 158,334 shares of Block. Block offers cryptocurrency payments through its Cash app and recently introduced a self-custody bitcoin wallet. Despite a slight widening of the GBTC discount to net asset value, it remains significantly below the peak recorded earlier this month.
Brian Armstrong Warns Against Anti-Crypto Stance for Politicians
Coinbase CEO Brian Armstrong has cautioned against politicians taking a strong anti-crypto stance for the upcoming 2024 elections in the United States. He believes that such a position would be strategically inadequate given the growing adoption and interest in cryptocurrencies among American citizens. Armstrong specifically references the Digital Asset Anti-Money Laundering Act proposed by senators Elizabeth Warren and Roger Marshall, which aims to impose stricter regulatory control on the digital asset industry. Armstrong argues that with 52 million Americans currently holding cryptocurrencies and 38% of young people seeing them as an economic opportunity, politicians risk alienating a significant portion of the population.
Hot Take: Political Stance on Crypto Could Impact 2024 Elections
Coinbase CEO Brian Armstrong has warned that politicians taking an anti-crypto stance could be at a strategic disadvantage in the 2024 elections. With the increasing adoption and interest in cryptocurrencies among Americans, such a position risks alienating a significant portion of the population. The proposed Digital Asset Anti-Money Laundering Act seeks to impose stricter regulations on the digital asset industry, but Armstrong argues that politicians need to consider the potential economic opportunities and benefits that cryptocurrencies offer. As the intersection between politics and cryptocurrencies becomes more relevant, politicians will need to carefully navigate their stance on this emerging technology.
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