NewsletterBitcoin Bull Cathie Wood’s Ark Invest Extends Coinbase And Robinhood Selling Spree
Bitcoin bull Cathie Wood’s asset management firm Ark Invest extends Coinbase (COIN) and Robinhood Markets (HOOD) selling spree as crypto shares take a hit despite a rally across the crypto market. Bitcoin surpassed $45.5K on Tuesday for the first time in last 2 years as investors consider a spot Bitcoin ETF approval by the US SEC.
Negative sentiment today is causing Coinbase and other crypto shares to open much lower. Interestingly, Cathie Wood was on the mark again with another accurate prediction.
Ark Invest Sells Coinbase and Robinhood Shares
On Jan 2, Cathie Wood’s Ark Invest sold a total of 3,360 Coinbase shares worth over $580K and 23,606 Robinhood shares worth nearly $300K, as per trades seen by CoinGape.
ARK Innovation ETF (ARKK) sold 2,944 Coinbase shares, ARK Next Generation Internet ETF (ARKW) offloaded 329 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 87 COIN stocks.
Ark Invest funds look to continue to offload COIN shares worth millions this month as part of its active fund management strategy, extending its selloff run of the last year.
Coinbase (COIN) price fell 9.80% on Tuesday, closing at $156.88. The price is falling by 7.35% in the pre-market hours on Wednesday.
In addition, ARK Next Generation Internet ETF (ARKW) sold 23,606 Robinhood Markets (HOOD) shares. Ark Invest offloaded 121,100 HOOD shares last time on December 19 after HOOD shares closed 10.4% higher at $13.17.
HOOD price also closed 2.90% lower at $12.37 on Tuesday and appears to open further lower on Wednesday as it trades almost 6% down in premarket hours today.
Also Read: Binance Announces New Solana (SOL), BNB, NFP, SEI & Other Crypto Margin Pairs
Ark Invest 21Shares Spot Bitcoin ETF Approval
Ark Invest sold 2.25 million Grayscale Bitcoin Trust (GBTC) shares worth $81 million last week. ARKW parked funds in ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA) and ProShares Bitcoin Strategy ETF (BITO) in preparation for its ARKB spot Bitcoin ETF approval.
The spot Bitcoin ETF issuers expect to hear soon from the U.S. SEC on potential approval, with the approval window opening between Jan 5-10, 2024.
Notably, 11 issuers including Ark 21Shares have updated their spot Bitcoin ETF with APs, fees, and other changes and await the SEC’s decision.
Also Read: Crypto In Crosshairs As EU Regulators To Probe Banks-NBFIs Links
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trump Family Loses Over $1B as Crypto Investments In Multiple Holdings Crashes
- Tom Lee’s Bitmine Immersion Buys $82M in Ethereum, BMNR Stock Jumps
- Crypto Market Rebounds Ahead of Key U.S. PPI, Jobless Claims, and Fed Inflation Reports
- JPMorgan Faces Heavy Backlash from Grant Cardone, Jack Mallers, Max Keiser, Other Bitcoin Advocates
- Expert Projects $30M Volume for Franklin Templeton XRP ETF as Trading Begins Today
- Hedera Price Set for Explosive 30% Rally as Bulls Trigger Breakout
- BTC Price Prediction: Bitcoin Crosses $86k, Is a Drop Over?
- Here’s Why XRP Price Will Hit $3 This Week
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
