Cathie Wood’s asset management firm Ark Invest, following its active portfolio management strategy, proceeded to further reduce its holdings of Coinbase shares across three ARK funds on Friday. Developments continue on the side of Cathie Wood and Ark Invest. The potential approval of a Bitcoin ETF in the coming days, Bitcoin’s halving, the resolution of regulatory uncertainties, and the possibility of greater adoption in 2024 keep the hope for a Bitcoin rally alive.
Ark Invest Sells Coinbase Shares
On January 5th, Ark Invest, led by Cathie Wood, sold 113,823 Coinbase shares valued at approximately $20.6 million.
The firm is expecting the approval of a Bitcoin ETF by the US SEC next week. This situation could be one of Ark’s recent Coinbase (COIN) share sales.
ARK Innovation ETF (ARKK) sold 107,151 Coinbase shares, ARK Next Generation Internet ETF (ARKW) disposed of 15,892 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 10,780 COIN shares.
Coinbase (COIN) share price closed the week at $153.98 on Friday, down 1.04%. The price fell by 17.28% this week as investors continued to take profits through Ark Invest funds.
Following the recent sale, Cathie Wood’s Ark Invest funds have sold a total of 310,109 Coinbase (COIN) shares.
These mentioned shares include 26,743 COIN shares sold on January 4th, valued at over $4 million, as well as 166,183 COIN shares valued at over $25.3 million on January 3rd, and a total of 3,360 COIN shares valued at over $580,000 on January 2nd.
Ark Updates 21Shares 19b-4 Amendment Filing
In a podcast titled “What Will 2024 Bring for Bitcoin?” presented by Ark Invest, ARK Invest’s director Yassine Elmandjra and CEO Cathie Wood, along with several leaders, discussed the future of Bitcoin in 2024.
Participants in the discussion included Zaprite’s head of business development Parker Lewis, Lyn Alden Investment Strategy founder Lyn Alden, Lightning Labs Director of Business Development Ryan Gentry, The Investor’s Podcast Network co-founder Preston Pysh, CoinMetrics head of research and development Lucas Nuzzi, and Bitcoin Park co-founder Rod Roudi.
Meanwhile, according to a statement by CBOE, Ark 21Shares updated its spot Bitcoin ETF 19b-4 amendment and expressed the view that the spot Bitcoin ETF is likely to receive approval next week. The initial date of January 5th indicated for the spot Bitcoin ETF approval has passed, and the decision is expected to be announced by the SEC on January 10th, according to some reports.
