COIN Price: Coinbase Soars 415% YTD, Cathie Wood’s Ark Invest Sells 15M Shares

Varinder Singh
December 27, 2023
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COIN Price: Coinbase Soars 415% YTD, Cathie Wood's Ark Invest Sells 15M Shares

Cathie Wood’s asset management firm Ark Invest offloads additional holdings of Coinbase shares as COIN price has rallied over 415% in 2023, from $31.55 to $178.70.

Ark Invest funds have been on a selling spree for Coinbase and Grayscale Bitcoin Trust shares recently, offloading millions of COIN and GBTC shares as part of its active fund management strategy.

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Cathie Wood Offloads Coinbase Shares

On Dec 26, Cathie Wood’s Ark Invest sold a total of 15,858 Coinbase shares worth over $2.7 million, as per trades noticed by CoinGape.

ARK Innovation ETF (ARKK) sold 12,806 Coinbase shares, ARK Next Generation Internet ETF (ARKW) offloaded 2,424 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 628 COIN stocks.

The move comes as Coinbase (COIN) price hit another 52-week high of $178.80 last week. COIN price closed 1.95% lower at $172.05 on Tuesday, but jumped 0.84% after the market closed. Crypto stocks’ prices are gaining upside momentum amid anticipation of a spot Bitcoin ETF approval in early January and bullish sentiment in the crypto market.

Cathie Wood’s Ark Invest funds are on a selling spree for COIN and GBTC shares as Bitcoin price jumped 170% this year. Ark Invest sold a total of 343,261 Coinbase shares last week. However, Cathie Wood reaffirmed her bullish stance on Bitcoin, considering it a new rules-based global monetary system after gold.

Also Read: Terra Luna Classic Community Turns Down Major Burn Proposal

Meanwhile, Cathie Wood in an interview with Yahoo Finance said the SEC will approve a spot Bitcoin ETF after January 8. Ark Invest and 21Shares spot Bitcoin ETF has a December 10, 2024 deadline. She said the approval of a spot Bitcoin ETF will give officially allow institutional investors to pour their money into Bitcoin.

This is instrumental for Bitcoin to spark mainstream adoption by the traditional financial services industry and get global acceptance.

Also Read: BTC Price Contains Losses At $42,000 On Bitcoin ETF Hopes, What’s Next?

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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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.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.