Cathie Wood’s asset management firm Ark Invest has offloaded additional Coinbase (COIN) shares worth millions as the crypto community awaits to see if spot Bitcoin ETF approval is a “sell the news” event. Ark Invest 21Shares Spot Bitcoin ETF (ARKB) has a final deadline of January 10, 2024 while others have final deadlines between March and May this year.

Cathie Wood’s Ark Invest Sells Coinbase

On Jan 2, Cathie Wood’s Ark Invest sold a total of 26,743 shares worth over $4 million, as per trades seen by CoinGape.

ARK Innovation exchange-traded fund (ETF) (ARKK) sold 26,743 Coinbase shares, the third consecutive selloff this week.

Cathie Wood’s Ark Invest sold a total of 166,183 Coinbase shares worth over $25.3 million on Jan 3 and a total of 3,360 Coinbase shares worth over $580K on Jan 2. ARK Invest funds are offloading Coinbase to buy other shares.

As CoinGape noted earlier Cathie Wood seems to be bearish on Bitcoin and crypto shares for the short term as the SEC is likely to approve spot Bitcoin ETFs, considering it as a ‘sell the news’ event.

Coinbase (COIN) price closed 2.21% higher at $155.60 on Thursday. However, it is again falling by 1.63% in the pre-market hours.

Also Read: Coinbase Vs SEC — US SEC Requests Court To Consider Terra Ruling In Coinbase Suit

Ark 21Shares All Set For Spot Bitcoin ETF

Ark 21Shares, Grayscale, Fidelity, and other Spot Bitcoin ETF issuers submitted 8-A filings with the U.S. Securities and Exchange Commission (SEC). It cleared clouds of likely rejection of spot Bitcoin ETF by the SEC. A flush in open interests in futures and options coupled with Matrixport’ report on spot Bitcoin ETF rejection caused $700 million in liquidations, with $500 million liquidated just in an hour.

Bloomberg ETF analysts Eric Balchunas and James Seyffart said the Bitcoin ETFs are most likely to be approved next week, despite rumors of a decision today.

Also Read: OpenAI Explores Content Licensing Deals With Publishers Amid NYT Legal Woes

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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