Cathie Wood’s ARK Invest continued its trend of selling Coinbase shares on January 5th. They sold an additional 133,823 shares of the cryptocurrency exchange Coinbase on that day. The stock opened trading at $152.67 and closed at $153.98.
On January 8th, ARK Invest disclosed its trades for January 5th on social media platform X (formerly Twitter). The sale included 107,151 Coinbase shares from its ARK Innovation ETF (ARKK), 15,892 shares from its ARK Next Generation Internet ETF (ARKW), and 10,780 shares from its ARK Fintech Innovation ETF (ARKF). The total value of this recent divestment of Coinbase shares amounted to approximately $20.6 million, with Coinbase’s stock price hovering around $153.98.
In addition to the Coinbase shares, ARK Invest also sold some of its holdings in Stratasys and purchased shares of Palantir Technologies and Iridium Communications.
This isn’t the first time ARK Invest has sold Coinbase shares. They previously sold 166,000 shares on January 3rd, worth around $25 million, following another sell-off of 237,000 shares on December 5th, 2023. In December and January alone, ARK Invest has generated approximately $78 million from its sale of Coinbase shares.
Despite these ongoing divestments, ARK Invest still holds a significant number of Coinbase shares. Coinbase remains the largest asset in the ARKK ETF, comprising 10.04% of the portfolio. It is also the largest asset in the ARKW ETF at 10.37% and the largest in the ARKF ETF at 13.41%.
These sales come at a time when the cryptocurrency community eagerly awaits the decision of the United States Securities and Exchange Commission (SEC) regarding the approval or denial of the first spot Bitcoin exchange-traded fund (ETF) available for U.S. investors.
ARK Invest is one of the 14 companies that have submitted applications for a spot Bitcoin ETF with the SEC. ARK’s spot Bitcoin ETF, known as ARK 21Shares, was developed in collaboration with Swiss firm 21Shares, which specializes in cryptocurrency exchange-traded products.
ARK and 21Shares were among the first to update their spot Bitcoin ETF filing prior to the SEC’s December 29th deadline. On January 4th, the ARK 21Shares Bitcoin ETF filed a registration notice with the SEC. The SEC has until January 10th to approve or deny the ETF application.
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