Cathie Wood’s ARK Invest has continued its trend of selling shares in the cryptocurrency exchange Coinbase (COIN), with a further 133,823 shares sold on January 5. The stock opened trading for the day at $152.67 and ended at $153.98. The United States-based asset management company disclosed its trades for the day on social media on January 8, which included the sale of 107,151 Coinbase shares from its ARK Innovation ETF (ARKK), 15,892 from its ARK Next Generation Internet ETF (ARKW), and 10,780 from its ARK Fintech Innovation ETF (ARKF).
The recent divestment of Coinbase shares had a total value of roughly $20.6 million, with the stock price hovering around $153.98. ARK Invest also sold some of its holdings in Stratasys Ltd., while purchasing shares of Palantir Technologies Inc. and Iridium Communications Inc. This follows a similar pattern from ARK Invest, which also sold 166,000 Coinbase shares on January 3 worth around $25 million, and a sell-off of 237,000 shares on December 5. In December and January alone, ARK Invest has netted around $78 million from its sell-off of Coinbase shares.
Despite these continuing divestments of Coinbase shares, ARK still holds a significant number of shares in the exchange. Coinbase remains the largest asset in the ARKK ETF, accounting for 10.04% of the portfolio. It’s also the largest asset in the ARKW ETF at 10.37% and the largest in the ARKF ETF at 13.41%.
The sales come as the crypto community waits for the U.S. Securities and Exchange Commission (SEC) to approve or deny the first spot Bitcoin ETF available for U.S. investors. Wood’s ARK Invest is among the 14 companies that have filed for a spot BTC ETF with the SEC. ARK’s spot Bitcoin ETF, ARK 21Shares, was developed in collaboration with Swiss firm 21Shares, which offers cryptocurrency exchange-traded products (ETPs).
ARK and 21Shares were the first to submit updates to their spot Bitcoin ETF filing prior to the SEC’s December 29 deadline. On January 4, the ARK 21Shares Bitcoin ETF filed a registration notice with the SEC, which has until January 10 to approve or deny the ETF application.
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| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇨🇭 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Cathie Wood |
| Companies | ARK Invest, Iridium Communications Inc., Palantir Technologies Inc., Stratasys Ltd., Coinbase, 21Shares, United States Securities and Exchange Commission |
| Currencies | Bitcoin |
| Securities | Stratasys Ltd., ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), ARK Fintech Innovation ETF (ARKF), Coinbase (COIN) |
