Cathie Wood's Ark Invest sells $5.3 million Coinbase shares, buys $1.2 million Robinhood
Quick Take
- Ark Invest sold 43,956 Coinbase shares on Monday — worth around $5.3 million — as the value of the crypto exchange’s stock reached the highest level in 18 months.
- Ark also bought 143,063 shares of Robinhood ($1.2 million) for its Ark Fintech Innovation ETF.
Cathie Wood’s Ark Invest sold more Coinbase shares on Monday, offloading 43,956 COIN ($5.3 million) as the value of the crypto exchange’s stock reached the highest level in 18 months.
Ark also bought 143,063 shares of Robinhood, worth around $1.2 million, for its Ark Fintech Innovation ETF, according to the company’s latest trade filing. That is in addition to the 93,297 ($780,000) Robinhood shares Ark added to its ARK Next Generation Internet fund on Friday.
Coinbase stock currently trades at $120.69 in pre-market trading, up more than 50% this month and 228% year-to-date, to reach the highest level since April 2022, according to TradingView. However, the stock is still down around 65% from an all-time high of $342.98 during the peak crypto bull market of November 2021.
COIN/USD price chart. Image: TradingView.
Ark’s Coinbase offloading follows similar tranches of sales in October as the price of bitcoin rallied to new yearly highs. Bitcoin currently trades at $37,095, according to The Block’s price data.
Robinhood stock is currently priced at $8.41 in pre-market trading — down over 8% this month and up just 1.57% for the year. The shares are trading around 16% above their all-time low of $7.19 and down some 85% from a peak of $55.01 in August 2021, according to TradingView.
RELATED INDICES
HOOD/USD price chart. Image: TradingView.
Ark’s Robinhood shares acquisition comes following the crypto-friendly trading app’s plans to expand into the EU and UK, announced earlier this month, amid disappointing Q3 results for the fintech firm.
Ark's GBTC sales amid narrowing discount to NAV
Ark's latest move follows its offloading of 94,624 ($2.8 million) Grayscale Bitcoin Trust shares on Friday from its ARKW fund. GBTC shares currently trade at $30.04 in pre-market trading, according to TradingView.
Ark’s GBTC sales follow a continued narrowing for GBTC’s discount to net asset value. Discount to NAV means how much lower the market price of each share is than the value of the bitcoin it represents. It recently dropped to sub-10% territory for the first time in two years. GBTC’s discount to NAV is currently 8.78%, according to YCharts.
GBTC discount to NAV. Image: YCharts.
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