Cathie Wood's Ark Invest continues Coinbase selling spree, unloads $24 million more COIN

Cathie Wood’s Ark Invest sold further tranches of Coinbase and Grayscale Bitcoin Trust shares on Wednesday, offloading 180,422 COIN ($24.3 million) and 99,595 GBTC ($3.5 million) as its selling streak for the assets continued, according to the company’s latest trade filing.

Ark sold 12,474 Coinbase shares ($1.7 million) from its Fintech Innovation ETF, 5,369 ($723,000) from its Next Generation Internet ETF and 162,579 ($21.9 million) from its Innovation ETF. Adding to the $33.3 million worth of COIN Ark sold on Tuesday and $1.4 million on Monday, the investment management firm has offloaded $59 million in Coinbase shares from its funds this week. It also sold $15 million worth of Coinbase stock last week.

Coinbase stock traded for $134.63 at market close yesterday, up around 7% over the past week, 55% over the past month and 269% year-to-date to reach its highest level in 18 months, according to TradingView. 

GBTC shares offloaded for the second consecutive day

Ark also sold 99,595 GBTC shares ($3.5 million) on Wednesday from its Next Generation Internet fund, following the 168,127 GBTC shares ($5.9 million) offloaded from the ETF on Tuesday.

GBTC shares traded for $34.92 at market close yesterday, having gained around 14% in the last week, 28% over the past month and 325% year-to-date, according to TradingView. The price of GBTC has risen alongside the recent surge in the underlying value of bitcoin — up around 16% over the last seven days, 25% over the past month and 166% year-to-date, according to The Block’s price data. Bitcoin is currently trading for around $43,302.

Ark’s recent GBTC sales follow a significant narrowing for GBTC’s discount to net asset value in recent months — meaning how much lower the market price of each share is than the value of the bitcoin it represents. GBTC’s discount to NAV has fallen from over 40% in June to around 11%, according to YCharts.