Cathie Wood's Ark Invest Continues to Sell Coinbase, Offloading Additional $24 Million in COIN

Cathie Wood’s Ark Invest Continues Selling Coinbase and Grayscale Bitcoin Trust Shares

Cathie Wood’s Ark Invest has sold additional shares of Coinbase and Grayscale Bitcoin Trust (GBTC) as part of its ongoing selling streak. On Wednesday, the company sold 180,422 COIN ($24.3 million) and 99,595 GBTC ($3.5 million), according to its latest filing. The Fintech Innovation ETF sold 12,474 Coinbase shares ($1.7 million), the Next Generation Internet ETF sold 5,369 shares ($723,000), and the Innovation ETF sold 162,579 shares ($21.9 million). This adds to the $59 million worth of COIN that Ark has sold this week, along with $15 million worth of shares last week.

At market close yesterday, Coinbase stock was trading at $134.63, representing a 7% increase over the past week, a 55% increase over the past month, and a 269% increase year-to-date.

GBTC Shares Sold for Second Consecutive Day

Ark Invest also sold 99,595 GBTC shares ($3.5 million) on Wednesday from its Next Generation Internet fund. This follows the sale of 168,127 GBTC shares ($5.9 million) from the ETF on Tuesday. GBTC shares closed at $34.92 yesterday, with a 14% increase over the past week, a 28% increase over the past month, and a 325% increase year-to-date.

The recent surge in bitcoin’s value has contributed to the rise in GBTC’s price as well. Bitcoin is currently trading at around $43,302.

GBTC Discount to NAV Narrows

In recent months, there has been a significant narrowing of GBTC’s discount to net asset value (NAV), which measures the difference between the market price of each share and the value of the bitcoin it represents. The discount to NAV has decreased from over 40% in June to around 11%.

Hot Take: Ark Invest Continues Selling COIN and GBTC Shares

Cathie Wood’s Ark Invest has been actively selling its holdings of Coinbase and Grayscale Bitcoin Trust shares. This comes as both Coinbase and bitcoin have experienced significant price increases. It remains to be seen how these sales will impact Ark Invest’s overall investment strategy.