Cathie Wood's Ark Invest Offloads $27.6 Million of GBTC Shares as Bitcoin Reaches $43K Once More

Cathie Wood’s Ark Invest Sells $27.6 Million in GBTC Shares as Bitcoin Surges

Cathie Wood’s ARK Invest fund, led by the popular investment manager, sold a significant number of Grayscale Bitcoin Trust (GBTC) shares worth $27.6 million from its Next Generation Internet (ARKW) exchange-traded fund (ETF). This marks the largest sale in over a year for ARK Invest.

Bitcoin’s price has once again surpassed the $43,000 level, experiencing a nearly 5% increase in the past 24 hours. This surge coincides with recent updates on ETFs from the US Securities and Exchange Commission (SEC).

ARK Invest successfully unloaded a total of $14.9 million in GBTC shares last week, with sales on Friday, Wednesday, and Monday. The shares traded at $34.54 at market close on Monday.

Ark Invest Offloads $42.5 Million in GBTC Shares

In addition to last week’s sales, Ark Invest sold $42.5 million worth of GBTC shares. The investment management firm capitalized on recent gains by selling 12,000 shares on Friday, followed by sales of $1.6 million on Wednesday and $12.9 million on Monday.

The discount to net asset value for GBTC has significantly narrowed in recent months. As of December 19th, the negative premium rate stands at -8.04%, according to Coinglass data.

Ark Invest Sells $59 Million Coinbase Shares Last Week

Ark Invest also sold approximately $59 million worth of Coinbase shares last week. The firm disclosed the sale of 18,962 COIN shares ($2.8 million) on Friday alone.

Cathie Wood’s company took advantage of the recent rally and divested shares from its various ETFs. The cumulative divestment reached $58.8 million in Coinbase shares for the week.

Furthermore, Ark Invest had previously sold $100 million worth of Coinbase shares in the prior week.

Hot Take: Cathie Wood’s ARK Invest Continues to Make Strategic Sales

Cathie Wood’s ARK Invest has made significant sales of GBTC and Coinbase shares, capitalizing on recent price increases. With the sale of $27.6 million in GBTC shares and $59 million in Coinbase shares, ARK Invest continues to strategically manage its portfolio. This demonstrates Wood’s ability to adapt and make timely investment decisions. As Bitcoin surges above $43,000 again, it will be interesting to see how ARK Invest further positions itself in the cryptocurrency market.