Generation

Grayscale Bitcoin Trust

<div class="cryptonews">
 <p class="is-style-lead">ARK Invest, led by Cathie Wood, sold 166,183 shares of Coinbase Global Inc., valued at around $25.3 million, continuing its trend of offloading shares of the cryptocurrency exchange.</p>
 <p>The firm’s latest filings reveal that the ARK Innovation ETF (ARKK) offloaded 145,048 Coinbase <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a>, while the ARK Next Generation Internet ETF (ARKW) sold 21,135 <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> of the crypto exchange on Jan. 3</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Cathie Wood bought some more Tesla $TSLA today <br><br>Ark Invest's trade activity from today 1/3 pic.twitter.com/1jxEIgyBtR</p>— Ark Invest Daily (@ArkkDaily) January 4, 2024
   </blockquote>
  </div>
 </figure>
 <p>The sales come on the heels of ARK Invest divesting over $200 million <a rel="noopener noreferrer nofollow" title="worth" href="https://thebittimes.com/tag/worth.html">worth</a> of Coinbase <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> in recent weeks, underscoring a significant shift in the firm’s investment strategy regarding the crypto exchange.</p>
 <p>Despite this sell-off, Coinbase’s stock performance has been notable, with a more than 300% increase over the past year. However, the stock did close down 2.96% at $152.24 on Wednesday.</p>
 <figure class="wp-block-image size-full"><picture decoding="async" class="wp-image-14234329">
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2024/01/04/3fbfa181a5e899c8ff0f327a52510163.webp.webp">
   <img decoding="async" width="855" height="613" src="https://cdn.thebittimes.com/images/2024/01/04/3fbfa181a5e899c8ff0f327a52510163.webp" alt="ARK Invest sells another $25m worth of Coinbase shares - 1"> 
  </picture>
  <figcaption class="wp-element-caption">
   Source: Google Finance
  </figcaption>
 </figure>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> SEC in decision hot seat as Ark Investment BTC ETF final deadline approaches
 </div>
 <h2 class="wp-block-heading" id="ark-continues-coinbase-and-robinhood-selling-spree">ARK continues Coinbase and Robinhood selling spree</h2>
 <p>On Jan. 2, the firm sold 3,360 Coinbase <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> <a rel="noopener noreferrer nofollow" title="worth" href="https://thebittimes.com/tag/worth.html">worth</a> over $580K and 23,606 <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> of Robinhood Markets Inc., valued at nearly $300K. This included sales from various ETFs managed by Ark, such as ARKK, ARKW, and the ARK Fintech Innovation ETF (ARKF).</p>
 <p>Crypto exchange Coinbase has been in the spotlight for being chosen as the crypto asset custodian by several traditional financial institutions, including BlackRock, one of the many firms that have filed for spot bitcoin exchange-traded funds.</p>
 <p>ARK Invest also offloaded 2.25 million shares of the Grayscale Bitcoin Trust (GBTC) last week, valued at around $81 million. The funds from the sale were reallocated to investments in the ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA) and the ProShares Bitcoin Strategy ETF (BITO) as part of the firm’s preparations for the potential approval of its own ARKB spot Bitcoin ETF.</p>
 <p>Issuers of spot Bitcoin ETFs, including Ark 21Shares among 11 others, have revised their proposals with new authorized participants, fees, and other changes, awaiting a potential approval decision from the U.S. SEC, expected as early as Jan. 10.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bitcoin ETFs on the horizon: SEC meetings point to potential listings on major exchanges
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ark-invest-sells-another-25m-worth-of-coinbase-shares-tbt75555.html">https://thebittimes.com/ark-invest-sells-another-25m-worth-of-coinbase-shares-tbt75555.html</a></p>

ARK Invest sells another $25m worth of Coinbase shares

Table of Contents

TheBitTimes

Other articles published on Jan 4, 2024

January Top Crypto Picks: Bitcoin (BTC), Polkadot (DOT), and NuggetRush (NUGX)

Tron Founder, Justin Sun, Reportedly Moves Millions in USDT to Binance

3 Crypto Passive Income Strategies

Borroe Finance, XRP, Avalanche: The Top Cryptocurrency Picks for 2024!

Etherscan Goes Big on Solana and Acquires Solscan

Crypto Exploit: Gamma Strategies Halts Deposits After $3.4M Hack

Join our free newsletter for daily crypto updates!