Cathie Wood’s Ark Invest has reduced its holdings in Coinbase across three ARK funds as part of its active portfolio management strategy. Despite the sell-off, Ark maintains hope for Bitcoin‘s rise in 2024, anticipating regulatory clarity, a potential Bitcoin ETF approval, the upcoming Bitcoin halving, and broader adoption.
On January 5, Ark Invest sold approximately $20.6 million worth of Coinbase shares, totaling 113,823 units. The firm is awaiting a possible Bitcoin ETF approval by the U.S. SEC next week, which may influence further sales of Coinbase (COIN) shares.
Specifically, 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 shares. The cumulative sales by Ark Invest funds have now reached 310,109 Coinbase shares.
Following the recent sales, Coinbase’s stock price closed the week at $153.98, down 1.04% on Friday, with a 17.28% decline over the week due to investors taking profits through Ark Invest funds.
Meanwhile, in a podcast discussing Bitcoin’s prospects for 2024, Ark Invest’s director Yassine Elmandjra, CEO Cathie Wood, and other industry leaders participated in a debate. Additionally, CBOE has updated its filing for the Ark 21Shares spot Bitcoin ETF, with SEC approval potentially announced as soon as January 10, following a missed initial indication date of January 5.