Ark Invest sells additional $43 million Coinbase shares amid COIN stock surge
Quick Take
- Ark Invest sold another 283,104 Coinbase shares on Wednesday — worth around $43 million — following the $13.4 million COIN it has already sold this week as the stock rose 7.8%.
- Ark also offloaded 45,864 Grayscale Bitcoin Trust shares ($1.6 million), coinciding with a 6.5% gain for GBTC yesterday as its discount to NAV reduced to the lowest level since July 2021.
Cathie Wood’s Ark Invest offloaded more Coinbase shares on Wednesday, selling 283,104 COIN ($42.6 million) from two funds as its weekly sales reached $56 million, according to the company’s latest trade filing.
Ark sold 239,237 Coinbase shares ($36 million) from its Innovation ETF and 43,867 ($6.6 million) from its Next Generation Internet ETF. These sales followed the disposal of $13.4 million worth of COIN on Monday and Tuesday. The asset management company also sold $100 million worth of Coinbase shares last week as it continues to rebalance its fund weightings amid a surge in COIN stock over the last month.
Coinbase stock traded at $150.46 at market close on Wednesday, gaining 7.8% on the day. It has risen 64% over the past month to reach its highest level since April 2022, according to TradingView data. However, the stock is still about 60% below its all-time high of $343, set in November 2021.
COIN/USD price chart. Image: TradingView.
Ark offloads GBTC as discount to NAV narrows
Ark also sold 45,864 GBTC shares ($1.6 million) yesterday amid gains for GBTC and the underlying bitcoin it represents as GBTC's discount to NAV narrows to its lowest level since July 2021.
GBTC shares traded for $35.59 at market close on Wednesday, according to TradingView — having risen over 6.5% for the day and 19% over the past month. Bitcoin 
BTC
+1.23%
saw 5% gains yesterday and is up 17% over the past month, according to The Block’s price data.
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 7.4% yesterday — the smallest in around two and a half years, according to YCharts. Discount to NAV means how much lower the market price of each share is than the value of the bitcoin it represents.
GBTC discount to NAV. Image: YCharts.
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