Ark Invest Continues to Sell Coinbase Shares Worth $59 Million
Ark Invest, the investment management firm led by Cathie Wood, sold an additional $59 million worth of Coinbase shares last week. This comes after the company sold a total of $100 million worth of shares in the previous week. The selling spree is part of Ark’s efforts to rebalance its fund weightings amid the surge in COIN stock over the past month. Despite the recent gains, Coinbase stock is still down about 60% from its all-time high. At market close on Friday, Coinbase stock was trading at $147.90.
Ark Offloads $15 Million Worth of GBTC as Bitcoin Falls
In addition to selling Coinbase shares, Ark also sold $15 million worth of Grayscale Bitcoin Trust (GBTC) shares last week. The sale coincided with a narrowing discount-to-NAV for GBTC and a decline in the price of Bitcoin. GBTC traded at $34.10 at market close on Friday, remaining around 40% down from its previous high. Ark’s sales of GBTC follow a significant narrowing of the discount to net asset value in recent months.
Conclusion: Ark Invest Continues to Adjust Portfolio Amid Crypto Market Volatility
As the crypto market experiences volatility, Ark Invest has been actively adjusting its portfolio holdings. The company has been selling off Coinbase and GBTC shares to rebalance its funds and take advantage of price movements. Despite the recent declines in Bitcoin and GBTC, Ark Invest remains active in the crypto space and continues to monitor market trends.
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