Ark Invest offloads another $33 million Coinbase shares, $6 million GBTC amid market rise
Quick Take
- Ark Invest sold another 237,572 Coinbase shares on Tuesday — worth around $33.3 million and one of its highest daily offloads this year — following the $1.4 million COIN it sold yesterday and $15 million last week.
- Ark also sold more GBTC shares, offloading 168,127 ($5.9 million) amid a continued surge in market prices.
Cathie Wood’s Ark Invest sold more Coinbase and Grayscale Bitcoin Trust shares on Tuesday, offloading 237,572 COIN ($33.3 million) and 168,127 GBTC ($5.9 million) amid continued price rises, according to the company’s latest trade filing.
Ark sold 28,535 Coinbase shares ($4 million) from its Fintech Innovation ETF, 7,326 ($1 million) from its Next Generation Internet ETF and 201,711 ($28.3 million) from its Innovation ETF in one of its highest daily offloads for the year. Ark previously sold 10,218 Coinbase shares ($1.4 million) on Monday, following the $15 million worth of Coinbase stock it sold last week.
Coinbase stock trades at $141.99 in pre-market trading, up around 10% over the past week and 67% over the past month to reach its highest level since April 2022, according to TradingView. The stock is still down around 60% from its all-time high set in November 2021, however.
COIN/USD price chart. Image: TradingView.
Narrowing discount to NAV and bitcoin price rise
Ark sold 168,127 GBTC shares ($5.9 million) on Tuesday from its Next Generation Internet ETF, following the 94,624 GBTC ($2.8 million) it offloaded on Nov. 24 from the same fund.
GBTC shares traded for $35.10 at market close yesterday, according to TradingView, having risen over 11% in the last week and 30% over the past month, mirroring the recent surge in the price of bitcoin.
GBTC/USD price chart. Image: TradingView.
Ark’s GBTC sales follow a significant narrowing for GBTC’s discount to net asset value in recent months from over 40% in the summer to less than 10% last month. Discount to NAV means how much lower the market price of each share is than the value of the bitcoin it represents. GBTC’s discount to NAV currently sits at 10.5%, according to YCharts.
GBTC discount to NAV. Image: YCharts.
Ark also purchased a small amount of Robinhood shares on Tuesday, adding 9,586 HOOD shares ($100,000) to its Fintech Innovation ETF in addition to the $140,000 worth of shares it bought on Monday and $3 million HOOD it purchased last week.
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