Sells Over $29 Million in Coinbase Shares, What's the master plan behind this move, and how does it fit into Ark's grand strategy? Ark Invest's decision to trim its Coinbase holdings is all about the game plan. With an eye on their target weighting policy, the move follows Coinbase's stellar performance in the last quarter of 2023.

Ark Invest takes center stage, selling a whopping $29 million in Coinbase shares.

A crypto storm is brewing as Ark Invest, under the visionary leadership of CEO Cathie Wood, takes center stage. In a surprising twist, Ark is actively trimming its Coinbase (COIN) holdings, making waves in the crypto exchange landscape. Dive into the unfolding drama as we unravel the details of this strategic move!

On Jan. 3, Ark made a splash by selling a hefty 166,183 COIN shares from its flagship Innovation ETF (ARKK) and Next Generation Internet ETF (ARKW), fetching a cool $25.3 million. The saga continued on Jan. 4 with an additional 26,743 COIN shares hitting the market, valued at $4.16 million. What's the motive behind this calculated sell-off?

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This crypto tale isn't just about sales; it's a strategic ballet. Ark Invest adheres to a target-weighted approach, ensuring no single holding surpasses 10% of the fund's total value. With COIN soaring over 100% in Q4 of 2023, it breached that 10% threshold, prompting these savvy sales. The plot thickens with December offloads, including a $33 million move on Dec. 5 and a staggering $42 million on Dec. 13.

As Ark Invest orchestrates these financial moves, the looming SEC decision on spot bitcoin ETFs adds an extra layer of suspense. The SEC juggles 13 proposed spot bitcoin ETFs, with the first deadline on Jan. 10 for the joint application from Ark Invest and 21 shares. Meanwhile, Coinbase gears up to roll out spot Bitcoin and Ethereum products internationally, setting the stage for a thrilling crypto showdown.

There's more! Ark Invest's crypto journey doesn't end here. December witnessed a monumental move as they liquidated $200 million worth of Grayscale Bitcoin Trust (GBTC) holdings, redirecting half into the captivating world of Bitcoin Futures ETF Bito.