Ark Invest Continues to Sell Coinbase Shares

In a strategical move, Ark Invest has offloaded different information of its Coinbase holdings, selling implicit $29 cardinal worthy of COIN shares from its ETFs. This determination aligns with Ark’s people weighting argumentation and follows Coinbase’s beardown show successful the past 4th of 2023.

Ark Invest Sells Over $29 Million successful Coinbase Shares Amid Portfolio Rebalancing

Ark Invest, led by CEO Cathie Wood, has been actively selling shares of Coinbase (Nasdaq: COIN), further reducing its involvement successful the crypto exchange, though Coinbase inactive is 1 of the astir important assets of Ark’s portfolio.

On Jan. 3, Ark sold a full of 166,183 COIN shares from its Innovation ETF (ARKK) and Next Generation Internet ETF (ARKW) for a worth of $25.3 cardinal astatine the closing terms for the day. The pursuing day, Jan. 4, Ark sold a further 26,743 COIN shares valued astatine $4.16 cardinal astatine its closing price.

These caller income are not retired of the ordinary. Ark Invest’s ETFs are target-weighted specified that nary idiosyncratic holding should transcend 10% of the fund’s full value. With COIN much than doubling successful terms successful Q4 of 2023, it has exceeded that 10% people successful some ARKK and ARKW, resulting successful these sales. Indeed, Ark offloaded COIN shares passim December, including $33 cardinal worthy connected Dec. 5 and $42 cardinal connected Dec. 13.

This determination comes amidst the impending U.S. Securities and Exchange Commission (SEC) announcement connected spot bitcoin ETFs. The SEC is presently considering 13 projected spot bitcoin ETFs. The archetypal deadline is Jan. 10 for the associated exertion submitted by Cathie Wood’s ARK Invest and 21shares. Coinbase has announced plans to rotation retired spot Bitcoin and Ethereum products to planetary clients and plans to widen these offerings to retail investors successful the coming months.

Ark Invest has made moves successful different areas related to crypto. It liquidated its remaining Grayscale Bitcoin Trust (GBTC) holdings worthy $200 cardinal successful precocious December, and it reallocated astir fractional of these funds into Bitcoin Futures ETF Bito.

Will Coinbase proceed its stellar show if a spot bitcoin ETF is approved? Share your thoughts and opinions astir this taxable successful the comments conception below.