Ark Invest Is Selling Coinbase (COIN) Shares Ahead of the Spot Bitcoin Exchange-Traded Fund

Recent events have resulted in Ark Invest, a stock management company that is run by Cathie Wood, selling off further shares in Coinbase (COIN). As the window for the possible approval of a spot Bitcoin exchange-traded fund (ETF) is about to open at the beginning of the year 2024, this decision has been made.

Cathie Wood’s attitude regarding Bitcoin and cryptocurrency shares appears to be pessimistic, which may be impacted by the anticipation of the Securities and Exchange Commission’s (SEC) likely approval of spot Bitcoin exchange-traded funds (ETFs) on January 10. A ‘ sell the news’ phenomenon is consistent with this viewpoint, which is consistent with the concept.

Cathie Wood’s Ark Invest Organization Sold off Coinbase Shares

On December 29, Ark Invest, which Cathie Wood manages, completed the sale of 2,369 shares of Coinbase, which had a total value greater than $425,000. CoinGape was able to witness and register these transactions appropriately.

The ARK Innovation Exchange-Traded Fund (ARKK) sold a total of 2,070 shares of Coinbase, while the ARK Next Generation Internet Exchange-Traded Fund (ARKW) sold 235 shares of COIN. On top of that, the ARK Fintech Innovation ETF (ARKF) liquidated 64 shares of the cryptocurrency blockchain.

It is worth noting that Ark Invest funds have been selling COIN shares worth millions of dollars over the previous few months despite the fact that the latest divestiture of Coinbase shares was relatively small in magnitude. Ark Invest reportedly sold a total of 343,261 shares of Coinbase during the preceding week, as shown by recent reports.

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On December 27, ARKW completed the sale of a combined total of 148,885 shares of Coinbase (COIN), representing a value of more than $27.5 million. Furthermore, they sold 2.25 million shares of GBTC, which had a total value of $81 million, as well as 231,102 shares of SQ, which had a total value of $18 million. Following this, the individual in issue, who is represented by the initials ARKW, proceeded to sell their interests in a total of sixteen shares. The allocation of their cash followed this into two distinct investment vehicles, which were the ARK 21Shares ARKA and the BITO.

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Coinbase (COIN) achieved a 52-week high price of $187.39 over the previous week, which was a new high for the cryptocurrency. The final cost of COIN was $173.92, representing a decrease of 6.68 percent from the prior closing price. The share price of Coinbase has seen a significant growth of forty percent throughout December, and it has seen an outstanding increase of four hundred and fifty percent overall over the rest of the year 2023.

In light of the widespread assumption that Cathie Wood views the approval of spot Bitcoin ETF as an occasion to sell, which is popularly referred to as a “sell the news” event, the recent development has grabbed attention and encouraged traders to reevaluate their trading decisions. Investors have been prompted to review their trading decisions as a result of this notion.

The Approval of the Spot Bitcoin ETF

The Securities and Exchange Commission (SEC) has just received an amended S-1 file from the ARKB, and it is anticipated that the SEC will approve it on January 10, 2024. January 5 is the day that is expected to mark the beginning of the review period for the approval of spot Bitcoin.

The Securities and Exchange Commission (SEC) is rumored to be considering granting clearance for all spot Bitcoin exchange-traded fund (ETF) applications at the same time, according to widespread speculation among industry professionals.

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Recently, a number of significant Bitcoin exchange-traded fund (ETF) issuers have submitted amended S-1 paperwork. The information contained in these files pertains to authorized participants (APs) and the fees that are connected with them.

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