COIN

April

Grayscale Bitcoin Trust

Ark Invest, the investment firm led by Cathie Wood, has again sold a substantial portion of its holdings in <a href="https://crypto.news/tag/coinbase/">Coinbase</a> Global Inc. (COIN) as the crypto exchange’s stock value soared to a 20-month high. 
The latest move comes amidst a broader reshuffling of the firm’s portfolio in response to recent market dynamics. 
On Dec. 13, Ark Invest sold 283,104 shares of Coinbase, valued at approximately $42.6 million, across two of its funds. The sale is part of a larger trend with the firm’s weekly sales reaching $56 million, as per their latest trade filing. 
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 Cathie Wood and Ark Invest's trade activity from today 12/13 <a href="https://t.co/POmh1iS588" target="_blank">pic.twitter.com/POmh1iS588</a>— Ark Invest Daily (@ArkkDaily) <a href="https://twitter.com/ArkkDaily/status/1735138199721087406?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 14, 2023</a>
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Ark sold 239,237 Coinbase shares ($36 million) from its Innovation <a href="https://crypto.news/tag/ETF/">ETF </a>and 43,867 ($6.6 million) from its Next Generation Internet ETF. This follows the disposal of COIN shares worth $13.4 million on Dec. 11 and 12 and a $100 million sale last week. 
 You might also like: <a href="https://crypto.news/sec-ark-investment-btc-etf-final-deadline-approaches/"> SEC in decision hot seat as Ark Investment BTC ETF final deadline approaches </a> 
Coinbase’s stock closed at <a href="https://finance.yahoo.com/quote/COIN/" target="_blank" rel="noopener">$150.46</a> on Dec. 13, marking a 7.8% increase on the day. Over the past month, the stock has surged by 64%, reaching its highest level since April 2022. 
Despite this recent upswing, the stock remains approximately 60% below its all-time high of $343, recorded in November 2021. 
In addition to Coinbase, Ark also offloaded 45,864 shares of the <a href="https://crypto.news/tag/grayscale/">Grayscale</a> Bitcoin Trust (<a href="https://crypto.news/tag/gbtc/">GBTC</a>), valued at around $1.6 million, on Wednesday. 
This decision coincides with a notable reduction in the discount to net asset value (NAV) for GBTC. From over 40% in the summer, it has reduced to just 7.4% as of yesterday, the smallest margin in approximately two and a half years. 
Discount to net asset value (NAV) refers to the extent to which the market price of each share falls below the actual value of the Bitcoin it represents. 
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 GBTC discount to NAV | Source: <a href="https://ycharts.com/companies/GBTC/discount_or_premium_to_nav" target="_blank" rel="noopener">YCharts</a>
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GBTC shares closed at <a href="https://finance.yahoo.com/quote/GBTC/" target="_blank" rel="noopener">$35.59</a> on Dec. 13, reflecting a 6.5% increase for the day and a 19% rise over the past month. 
 Read more: <a href="https://crypto.news/ark-invest-sells-33m-in-coinbase-shares-5-9m-in-gbtc/"> ARK Invest sells $33m in Coinbase shares, $5.9m in GBTC </a>

Cathie Wood’s Ark Invest sells another $42.6m Coinbase shares, $1.6m in GBTC

crypto.news

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