Cathie Wood’s Ark Invest Sells Coinbase Shares Worth $4 Million

It’s been reported that Cathie Wood’s Ark Invest made an interesting move. Check out the latest reports about this below.

On Thursday, Cathie Wood’s Ark Invest sold an additional 26,743 shares of Coinbase Global Inc. for $4.1 million.

This comes just after the company sold off $25.3 million worth of Coinbase shares the previous day.

As per the daily trade disclosure, the selling spree for Coinbase continues through its ARK Innovation ETF. On the same day, the ETF bought 132,955 shares of Recursion Pharmaceuticals worth approximately $1.48 million.

In the last few weeks, the firm’s ETFs have offloaded over $200 million in Coinbase shares. As of Thursday, Coinbase stock closed at $155.6, up by 2.21%. In the last year, the stock has risen over 360%.

This week, Coinbase started to follow other crypto exchanges in requiring its UK users to fill out a risk-acknowledgment form in light of guidelines from the nation’s financial regulator.

According to Hassan Ahmed, Coinbase’s country director for Singapore, there are two potential catalysts that could lead to a bullish outlook for Bitcoin (BTC) in 2024.

In a recent CNBC interview, Ahmed mentioned that Bitcoin may experience an increase in demand while simultaneously facing a fall in supply.

“So this spot Bitcoin ETF (exchange-traded fund) for the US markets is really as foundational and as big a deal as people are making it out to be. It’s a structural market change for this asset class that’s coming into its being.

The noise and chatter around sort of this approval is certainly intensifying and we’ll see how things play out. But the way we see it is that there’s going to be secular demand and fund flows that are going to be coming into this asset class and this asset in particular.

And then when you couple that with the halving that’s coming up which will reduce the block subsidy, that’s on the supply side, by half, those two factors will, I think, combine together to be pretty explosive.”