Skip to main content

Ark Invest Continues to Sell Coinbase Shares

Ark Invest Continues to Sell Coinbase Shares

In a strategic move, Ark Invest has offloaded another portion of its Coinbase holdings, selling over $29 million worth of COIN shares from its ETFs. This decision aligns with Ark’s target weighting policy and follows Coinbase’s strong performance in the last quarter of 2023.

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

Ark Invest, led by CEO Cathie Wood, has been actively selling shares of Coinbase (Nasdaq: COIN), further reducing its stake in the crypto exchange, although Coinbase still is one of the most significant assets of Ark’s portfolio.

On Jan. 3, Ark sold a total of 166,183 COIN shares from its Innovation ETF (ARKK) and Next Generation Internet ETF (ARKW) for a value of $25.3 million at the closing price for the day. The following day, Jan. 4, Ark sold a further 26,743 COIN shares valued at $4.16 million at its closing price.

These recent sales are not out of the ordinary. Ark Invest’s ETFs are target-weighted such that no individual holding should exceed 10% of the fund’s total value. With COIN more than doubling in price in Q4 of 2023, it has exceeded that 10% target in both ARKK and ARKW, resulting in these sales. Indeed, Ark offloaded COIN shares throughout December, including $33 million worth on Dec. 5 and $42 million on Dec. 13.

This move comes amidst the impending U.S. Securities and Exchange Commission (SEC) announcement on spot bitcoin ETFs. The SEC is currently considering 13 proposed spot bitcoin ETFs. The first deadline is Jan. 10 for the joint application submitted by Cathie Wood’s ARK Invest and 21shares. Coinbase has announced plans to roll out spot Bitcoin and Ethereum products to international clients and plans to extend these offerings to retail investors in the coming months.

Ark Invest has made moves in other areas related to crypto. It liquidated its remaining Grayscale Bitcoin Trust (GBTC) holdings worth $200 million in late December, and it reallocated about half of these funds into Bitcoin Futures ETF Bito.

Will Coinbase continue its stellar performance if a spot bitcoin ETF is approved? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/AwfhEvV
Labels:

Comments

Post a Comment

Popular posts from this blog

Seven UK Companies Form Cryptocurrency Trade Body

Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to “improve industry standards and engage policymakers.” Also Read:   Independent Ratings Agency Alerts Investors About Dangers of Tether Leading Cryptocurrency Companies form Crypto UK Trade Body Seven leading cryptocurrency companies operating the UK have formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry, in addition to “engag[ing] policymakers.” The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector. “Regulation is Imminent” The Crypto UK chairman and managing director of Etoro, Iqbal Gandham, described the trade body’s mission as “promot[in...
41 comments
Read more

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more