March 27, 2024
ARK Invest Sells Coinbase Shares Amid BTC ETF Decision
Latest Cryptocurrency News

ARK Invest Sells Coinbase Shares Amid BTC ETF Decision

Cathie Wood’s ARK Invest has continued its trend of selling Coinbase shares, with the latest disclosure revealing the divestment of 133,823 shares on January 5th. The sale occurred as Coinbase’s stock opened at $152.67 and closed at $153.98 on that day.

ARK Invest shared its trades for January 5th on social media, indicating 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 total value of these recent Coinbase share sales amounted to approximately $20.6 million, with Coinbase’s stock price at $153.98.

This marks another instance of ARK Invest reducing its exposure to Coinbase, following the sale of 166,000 Coinbase shares on January 3rd, 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 has generated approximately $78 million from divesting Coinbase shares. Despite these sales, ARK Invest still holds a substantial number of Coinbase shares, with Coinbase being the largest asset in the ARKK ETF, constituting 10.04% of the portfolio. It also holds the top position in the ARKW ETF at 10.37% and in the ARKF ETF at 13.41%.

The ongoing divestments come at a time when the crypto community eagerly awaits the decision of the United States Securities and Exchange Commission (SEC) on the approval or denial of the first spot Bitcoin exchange-traded fund (ETF) available for U.S. investors.

ARK Invest, led by Cathie Wood, is one of the 14 companies that have filed for a spot BTC ETF with the SEC. ARK’s spot Bitcoin ETF, ARK 21Shares, developed in collaboration with Swiss firm 21Shares, was among the first to submit updates to their spot Bitcoin ETF filing ahead of the SEC’s December 29 deadline. The SEC has until January 10 to decide on the ETF application.

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