Cathie Wood's Ark Invest Offloads $20 Million Worth of Coinbase Shares

Cathie Wood’s Ark Invest Reduces Coinbase Holdings

Cathie Wood’s asset management firm, Ark Invest, has sold a significant number of Coinbase shares in three of its funds. On January 5, a total of 113,823 Coinbase shares were sold, amounting to approximately $20.6 million. This move comes as Ark Invest aims for the approval of a spot Bitcoin ETF by the U.S. SEC in the coming week. The specific funds that sold Coinbase shares include ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).

As a result of this sale, Ark Invest has now sold a total of 310,109 Coinbase shares across various dates in January. The recent selloffs by Ark Invest have contributed to a decline in the price of Coinbase stock.

Ark 21Shares Updates Bitcoin ETF Filing

In a podcast titled “What Will 2024 Bring for Bitcoin?” hosted by Ark Invest, industry leaders discussed the future of Bitcoin in 2024. Participants included Yassine Elmandjra and Cathie Wood from Ark Invest, as well as other notable figures from the crypto industry.

Additionally, CBOE updated its filing for the Ark 21Shares spot Bitcoin ETF, indicating that approval for the ETF is likely to be granted next week. Reports suggest that the SEC will announce its decision on January 10.

Hot Take: Cathie Wood and Ark Invest Remain Bullish on Bitcoin

Despite reducing their holdings in Coinbase, Cathie Wood and Ark Invest maintain their optimism towards Bitcoin. They anticipate positive developments such as the approval of a spot Bitcoin ETF, the upcoming Bitcoin halving event, regulatory clarity, and increasing retail adoption to drive Bitcoin’s growth in 2024.