Cathie Wood’s asset management Ark Invest further reduced Coinbase shares’ weight in three ARK funds on Friday as part of its active portfolio management strategy. Cathie Wood and Ark Invest are still bullish on Bitcoin in 2024 with spot Bitcoin ETF, Bitcoin halving, regulatory clarity, and growing retail adoption among others in the pipeline for 2024.

Cathie Wood’s Ark Invest Sells Coinbase Shares

On Jan 5, Cathie Wood’s Ark Invest sold a total of 113,823 Coinbase shares worth nearly $20.6 million, as per trades seen by CoinGape. This could probably be among the last few Coinbase (COIN) shares selloffs by Ark as the firm eyes spot Bitcoin ETF approval by the U.S. SEC next week.

ARK Innovation ETF (ARKK) sold 107,151 Coinbase shares, ARK Next Generation Internet ETF (ARKW) offloaded 15,892 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 10,780 COIN stocks.

Coinbase (COIN) price closed 1.04% at $153.98 on Friday. The price fell 17.28% this week as traders continued profit booking amid selloffs by Ark Invest funds.

With the latest sale, Cathie Wood’s Ark Invest funds have sold 310,109 Coinbase (COIN) shares. This includes 26,743 COIN shares worth over $4 million on Jan 4, 166,183 COIN shares worth over $25.3 million on Jan 3, and a total of 3,360 COIN shares worth over $580K on Jan 2.

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Ark 21Shares Updates 19b-4 Amendment Filing

In Ark Invest’s “What Will 2024 Bring for Bitcoin?” podcast, many leaders joined ARK Invest’s director Yassine Elmandjra and CEO Cathie Wood discuss the future of Bitcoin in 2024. It includes Parker Lewis, head of business development at Zaprite, Lyn Alden, founder of Lyn Alden Investment Strategy, Ryan Gentry,  director of Business Development at Lightning Labs, Preston Pysh, co-founder of The Investor’s Podcast Network, Lucas Nuzzi, head of research and development at CoinMetrics, and Rod Roudi, co-founder of Bitcoin Park.

Meanwhile, CBOE updated Ark 21Shares spot Bitcoin ETF 19b-4 amendment, indicating that the spot Bitcoin ETF will likely get approval next week. The SEC vote on spot Bitcoin ETF approval is likely to announce on Jan 10 as per some reports.

Also Read: Satoshi Nakamoto Is Back? Bitcoin Worth Over $1 Mln Moved To Satoshi’s Wallet

The post Cathie Wood’s Ark Invest Sells $20M Of Coinbase Shares appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am