ARK Invest Sells Off Coinbase Shares Amid Bitcoin ETF Anticipation

ARK Invest, led by Cathie Wood, made significant divestments in Coinbase, selling off 133,823 shares across three of its ETFs on Jan. 5, totaling about $20.6 million in value. This move coincided with Coinbase’s stock opening at $152.67 and closing at $153.98.

Their Jan. 5 trades, posted on X (formerly Twitter) on Jan. 8, disclosed the sale breakdown: 107,151 Coinbase shares from ARK Innovation ETF (ARKK), 15,892 from ARK Next Generation Internet ETF (ARKW), and 10,780 from ARK Fintech Innovation ETF (ARKF). The recent divestment, valued around $20.6 million, was made while Coinbase’s stock hovered near $153.98. Alongside the Coinbase sales, ARK also adjusted its portfolio, selling Stratasys holdings while acquiring shares of Palantir Technologies and Iridium Communications.

This divestment strategy wasn’t isolated; previously, ARK sold 166,000 Coinbase shares on Jan. 3 (worth approximately $25 million) and 237,000 shares on Dec. 5, 2023. These sales collectively brought in around $78 million in December and January from Coinbase shares.

Despite these sizable sales, ARK Invest still holds a significant stake in Coinbase, making it the largest asset in ARKK (10.04%), ARKW (10.37%), and ARKF (13.41%) ETF portfolios.

This divestment coincides with the crypto community’s anticipation of the SEC’s decision regarding the first spot Bitcoin exchange-traded fund (ETF) for U.S. investors. ARK Invest, among the 14 companies filing for a spot BTC ETF, collaborated with Swiss firm 21Shares for their spot Bitcoin ETF, ARK 21Shares, being among the first to update their filing before the SEC’s Dec. 29 deadline. The SEC has until Jan. 10 to approve or deny this ETF application.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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