Cathie Wood Bearish? Ark Invest Sells Coinbase (COIN) Shares Ahead Bitcoin ETF Window

Cathie Wood’s asset administration agency Ark Invest offloaded extra Coinbase (COIN) shares as spot Bitcoin ETF approval window opens in early January 2024. Cathie Wood appears to be bearish on Bitcoin and crypto shares because the SEC is prone to approve spot Bitcoin ETFs as of January 10, contemplating it as a ‘sell the news’ occasion.

Cathie Wood’s Ark Invest Offloaded Coinbase Shares

On Dec 29, Cathie Wood’s Ark Invest offered a complete of 2,369 Coinbase shares value over $425K, as per trades seen by CoinGape.

ARK Innovation ETF (ARKK) offered 2,070 Coinbase shares, ARK Next Generation Internet ETF (ARKW) offloaded 235 COIN shares, and ARK Fintech Innovation ETF (ARKF) offered 64 COIN shares.

While the most recent Coinbase shares selloff is nominal, Ark Invest funds have offloaded COIN shares value tens of millions in the previous couple of months. Ark Invest offered a complete of 343,261 Coinbase shares final week.

On Dec 27, ARK Next Generation Internet ETF (ARKW) sold a complete of 148,885 Coinbase (COIN) shares value over $27.5 million, 2.25 million Grayscale Bitcoin Trust (GBTC) shares value $81 million, and 231,102 Block Inc (SQ) shares value $18 million. ARKW additionally liquidated holdings in 16 shares and parked funds in ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA) and ProfessionalShares Bitcoin Strategy ETF (BITO).

Coinbase (COIN) worth hit a 52-week excessive of $187.39 final week. COIN worth closed 6.68% decrease at $173.92. Coinbase inventory has rallied 40% in December and 450% in 2023.

The transfer has raised eyebrows and made merchants rethink their trades amid the narrative that Cathie Wood expects spot Bitcoin ETF approval as a ‘sell the news’ occasion.

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 predicted to get approval on January 10, 2024 because it submitted an up to date S-1 submitting to the SEC. While the window for spot Bitcoin approval opens on January 5, consultants count on the SEC to approve all spot Bitcoin ETF purposes on the similar time.

Spot Bitcoin ETF issuers corresponding to Ark 21Shares, BlackRock, Fidelity, Valkyrie, VanEck, Bitwise, Invesco and Galaxy, WisdomTree, and Franklin Templeton submitted up to date S-1 filings saying approved members (APs) and costs.

Also Read: Grayscale CEO Michael Sonnenshein Weighs On Leading Spot Bitcoin ETF Race

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Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a expertise fanatic and analytical thinker, he has shared his data of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the large potential of those revolutionary future applied sciences. He is at present protecting all the most recent updates and developments within the crypto business.

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