Cathie Wood Bearish? Ark Invest Sells Coinbase (COIN) Shares Ahead Bitcoin ETF Window
Cathie Wood’s asset management firm Ark Invest offloaded additional Coinbase (COIN) shares as spot Bitcoin ETF approval window opens in early January 2024. Cathie Wood seems to be bearish on Bitcoin and crypto shares as the SEC is likely to approve spot Bitcoin ETFs as of January 10, considering it as a ‘sell the news’ event.
Cathie Wood’s Ark Invest Offloaded Coinbase Shares
On Dec 29, Cathie Wood’s Ark Invest sold a total of 2,369 Coinbase shares worth over $425K, as per trades noticed by CoinGape.
ARK Innovation ETF (ARKK) sold 2,070 Coinbase shares, ARK Next Generation Internet ETF (ARKW) offloaded 235 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 64 COIN stocks.
While the latest Coinbase shares selloff is nominal, Ark Invest funds have offloaded COIN shares worth millions in the last few months. Ark Invest sold a total of 343,261 Coinbase shares last week.
On Dec 27, ARK Next Generation Internet ETF (ARKW) sold a total of 148,885 Coinbase (COIN) shares worth over $27.5 million, 2.25 million Grayscale Bitcoin Trust (GBTC) shares worth $81 million, and 231,102 Block Inc (SQ) shares worth $18 million. ARKW also liquidated holdings in 16 shares and parked funds in ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA) and ProShares Bitcoin Strategy ETF (BITO).
Coinbase (COIN) price hit a 52-week high of $187.39 last week. COIN price closed 6.68% lower at $173.92. Coinbase stock has rallied 40% in December and 450% in 2023.
The move has raised eyebrows and made traders reconsider their trades amid the narrative that Cathie Wood expects spot Bitcoin ETF approval as a ‘sell the news’ event.
Also Read: XRP Lawyer John Deaton Fires Back At Senate Warren As Jamie Dimon’s JPMorgan Joins Bitcoin
Spot Bitcoin ETF Approval
Ark Invest 21Shares Spot Bitcoin ETF (ARKB) is expected to get approval on January 10, 2024 as it submitted an updated S-1 filing to the SEC. While the window for spot Bitcoin approval opens on January 5, experts expect the SEC to approve all spot Bitcoin ETF applications at the same time.
Spot Bitcoin ETF issuers such as Ark 21Shares, BlackRock, Fidelity, Valkyrie, VanEck, Bitwise, Invesco and Galaxy, WisdomTree, and Franklin Templeton submitted updated S-1 filings announcing authorized participants (APs) and fees.
Also Read: Grayscale CEO Michael Sonnenshein Weighs On Leading Spot Bitcoin ETF Race
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