Ark Invest, led by Cathie Wood, has sold more Coinbase shares during the height of COIN’s bull run, liquidating a total of $43 million.
Summary
Ark Invest: the sales of Coinbase shares in the last week during the full bull run of COIN
Yesterday, the American investment management company founded by Cathie Wood, Ark Invest, sold a whopping $43 million worth of Coinbase (COIN) shares.
Specifically, as reported, this latest sale of 283,104 COIN was made by two funds: Innovation ETF and Next Generation Internet ETF.
This is the third sale of COIN shares that Ark Invest is executing within three days. In fact, on Monday and Tuesday of this week, Cathie Wood’s company liquidated a total of 13.4 million dollars by selling COIN.
Looking at the price chart of COIN, one might think that these three sales are part of a strategic move by the company.
And indeed, in the last five days COIN is up +14% and at the time of writing, COIN is worth 150.46 dollars.
A price bull run if you think that just a month ago, COIN was worth $92, growing in the last month by +63%.
Ark Invest and the liquidation of COIN this month of December
These three sales of COIN by Ark Invest, add to others that have already taken place in this month of December.
And indeed, Tuesday, December 5th, the asset management company carried out the sale of 237,572 Coinbase shares, for a total of approximately 33.3 million dollars.
Here too, the transfer of COIN has taken place from several Ark Invest funds, such as Fintech Innovation ETF, Next Generation Internet ETF, and Innovation ETF.
Not only that, the investment rockstar had sold on November 30th also another 37,377 COIN shares for a value of about 4.7 million dollars.
Apparently, Ark Invest would be taking advantage of the +274% rally that happened this year on COIN, to move on to other stocks, such as Robinhood (HOOD) shares.
The ETF on Bitcoin spot: third amendment to the S-1 document
Even Ark Invest is participating in the companies in the sector that are awaiting approval for their application to issue a Bitcoin spot ETF.
The Securities and Exchange Commission (SEC) of the USA seems to be on the verge of giving in, but at the moment nothing has been officially approved yet.
Actually, regarding Ark Invest’s question, it seems that Cathie Wood’s company has sent to the SEC a new, more updated version, prepared to obtain approval.
This is a third amendment to the S-1 document that represents Ark Invest’s commitment and dedication to successfully achieve its mission of issuing its own Bitcoin Spot ETF.
