ARK Invest Makes Significant Sales in Grayscale Bitcoin Trust and Coinbase Stocks!

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• Ark had sold 15 million dollars worth of Coinbase shares last week, followed by the sale of 10,218 Coinbase shares (1.4 million dollars) on Monday.
• According to the data, Coinbase shares are trading at $141.99 in pre-market trading, having increased by approximately 10% in the past week and 67% in the last month.
• Since November 24, when Ark sold 94,624 GBTC shares ($2.8 million) from the same fund, they continued to sell 168,127 GBTC shares ($5.9 million) from the Next Generation Internet ETF on Tuesday.

Cathie Wood’s Ark Invest continues to rapidly sell Coinbase and GBTC shares following the price increases!

ARK Invest is Selling GBTC and COIN Shares

Cathie Wood’s Ark Invest company, according to the latest trading disclosure, sold more Coinbase and Grayscale Bitcoin Trust shares on Tuesday, totaling 237,572 COIN ($33.3 million) and 168,127 GBTC ($5.9 million) due to ongoing price increases.

In one of the highest daily transfers of the year, Ark sold 28,535 Coinbase shares ($4 million) from the Fintech Innovation ETF, 7,326 shares ($1 million) from the Next Generation Internet ETF, and 201,711 shares ($28.3 million) from the Innovation ETF. Following the $15 million worth of Coinbase shares sold last week, they also sold 10,218 Coinbase shares ($1.4 million) on Monday.

According to the data, Coinbase shares are trading at $141.99 in pre-market trading, having increased by approximately 10% in the past week and 67% in the last month, reaching their highest level since April 2022. However, the share is still about 60% below the all-time high in November 2021.

Narrowing discount in NAV and rising Bitcoin price

Since selling 94,624 GBTC shares ($2.8 million) from the same fund on November 24, Ark sold 168,127 GBTC shares ($5.9 million) from the Next Generation Internet ETF on Tuesday. According to the data, GBTC shares were trading at $35.10 at the closing yesterday, reflecting a 11% increase in the past week and a 30% increase in the last month, mirroring the recent rise in Bitcoin price.

Ark’s GBTC sales come after the significant reduction in the discount to the asset value of GBTC from over 40% in the summer to under 10% in recent months. The discount rate shows how much lower the value of each share is compared to the value of the Bitcoin it represents. Currently, GBTC’s discount to NAV is at 10.5%.

Ark also bought some Robinhood shares on Tuesday, adding 9,586 HOOD shares ($100,000) to the Fintech Innovation ETF. This addition comes alongside the $140,000 worth of shares purchased on Monday and the $3 million worth of HOOD bought last week.