In a move that continues its recent trend, Cathie Wood’s Ark Invest reportedly sold additional shares of both Coinbase and Grayscale Bitcoin Trust (GBTC) on Wednesday. According to the company’s latest trade filing, Ark offloaded 180,422 Coinbase shares, equivalent to $24.3 million, and 99,595 GBTC shares, amounting to $3.5 million.
ARK Invest Unloads $27.8 Million in Coinbase & GBTC Shares
Breaking down the Coinbase sales, Ark sold 12,474 shares worth $1.7 million from its Fintech Innovation ETF, 5,369 shares valued at $723,000 from its Next Generation Internet ETF, and a substantial 162,579 shares amounting to $21.9 million from its Innovation ETF.
This follows the trend set earlier in the week, with Ark selling $33.3 million worth of COIN on Tuesday and $1.4 million on Monday. In total, the investment management firm has divested $59 million in Coinbase shares from its funds this week, with an additional $15 million sold the previous week.
As of the latest market close, Coinbase stock was priced at $134.63, marking a 7% increase over the past week, a 55% surge over the past month, and an impressive 269% year-to-date gain. This ascent has propelled Coinbase to its highest level in 18 months, according to data from TradingView.
Simultaneously, Ark Invest’s selling spree extended to GBTC shares, with 99,595 shares, equivalent to $3.5 million, offloaded from its Next Generation Internet fund. This follows the sale of 168,127 GBTC shares totaling $5.9 million on Tuesday. GBTC shares closed at $34.92, reflecting a 14% increase in the last week, a 28% gain over the past month, and an astounding 325% year-to-date surge, according to TradingView.
The price appreciation of GBTC shares correlates with the recent surge in the underlying value of bitcoin, which has witnessed a 16% increase over the last seven days, a 25% uptick over the past month, and a remarkable 166% surge year-to-date, currently trading at approximately $43,309.
Ark’s decision to sell GBTC shares aligns with the recent narrowing of GBTC’s discount to net asset value (NAV). The discount, which measures the difference between the market price of each share and the value of the bitcoin it represents, has decreased from over 40% in June to approximately 11%, as reported by YCharts.
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