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.
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.
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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.
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