📰 Table Of Contents
Ark Invest’s Significant Coinbase Sell-Off
Ark Invest, under the direction of CEO Cathie Wood, recently sold an estimated 106,000 Coinbase shares valued at over $27 million. The shares were from its ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW).
Bitcoin’s All-Time High Amidst Latest Rally
Simultaneously, bitcoin’s value surged dramatically, surpassing $73,000 and reaching an all-time high. This surge follows a previous rally in January 2024 after the United States Securities and Exchange Commission’s (SEC) approval of nearly a dozen spot bitcoin ETF applicants.
Cathie Wood’s Bullish Expectations
Cathie Wood has expressed optimistic views on Bitcoin, predicting it could reach over $1.5 million by 2030. She highlighted the SEC’s approval as a significant milestone that has accelerated the timeline for this potential growth.
Traditional Banks and SEC Spot BTC Approval
The SEC’s accounting bulletin, SAB 121, has faced criticism from FDIC Vice Chairman Travis Hill for its impact on how banks must account for custodied digital assets. This requirement, which differs from the treatment of other assets, poses challenges for banks looking to engage in the digital asset ecosystem.
A bill aiming to overturn SAB 121 has passed the House Financial Services Committee and is awaiting a vote on the House floor.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
