Grayscale Bitcoin Trust

Daily

<div class="cryptonews">
 <p class="is-style-lead">Ark Invest, the investment firm led by Cathie Wood, has again sold a substantial portion of its holdings in Coinbase Global Inc. (COIN) as the crypto exchange’s stock value soared to a 20-month high.</p>
 <p>The latest move comes amidst a broader reshuffling of the firm’s portfolio in response to recent market dynamics.</p>
 <p>On Dec. 13, Ark Invest sold 283,104 <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> 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.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Cathie Wood and Ark Invest's trade activity from today 12/13 pic.twitter.com/POmh1iS588</p>— Ark Invest Daily (@ArkkDaily) December 14, 2023
   </blockquote>
  </div>
 </figure>
 <p>Ark sold 239,237 Coinbase <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> ($36 million) from its Innovation ETF and 43,867 ($6.6 million) from its Next Generation Internet ETF. This follows the disposal of COIN <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> worth $13.4 million on Dec. 11 and 12 and a $100 million sale last week.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> SEC in decision hot seat as Ark Investment BTC ETF final deadline approaches
 </div>
 <p>Coinbase’s stock closed at $150.46 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.</p>
 <p>Despite this recent upswing, the stock remains approximately 60% below its all-time high of $343, recorded in November 2021.</p>
 <p>In addition to Coinbase, Ark also offloaded 45,864 <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> of the Grayscale Bitcoin Trust (GBTC), valued at around $1.6 million, on Wednesday.</p>
 <p>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.</p>
 <p>Discount to net asset value (NAV) refers to the extent to which the market price of each <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> falls below the actual value of the Bitcoin it represents.</p>
 <figure class="wp-block-image size-full is-resized"><img decoding="async" width="823" height="318" src="https://cdn.thebittimes.com/images/2023/12/14/f1c167944fc6f4d8a0097973d47e1c85.webp" alt="Cathie Wood's Ark Invest sells another $42.6m Coinbase shares, $1.6m in GBTC - 1" class="wp-image-14227549" style="width: 100%;height:auto">
  <figcaption class="wp-element-caption">
   GBTC discount to NAV | Source: YCharts
  </figcaption>
 </figure>
 <p>GBTC <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> closed at $35.59 on Dec. 13, reflecting a 6.5% increase for the day and a 19% rise over the past month.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> ARK Invest sells $33m in Coinbase shares, $5.9m in GBTC
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cathie-wood-s-ark-invest-sells-another-42-6m-coinbase-shares-1-6m-in-gbtc-tbt73673.html">https://thebittimes.com/cathie-wood-s-ark-invest-sells-another-42-6m-coinbase-shares-1-6m-in-gbtc-tbt73673.html</a></p>

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

TheBitTimes

Other articles published on Dec 14, 2023

Litecoin sees this change as network activity grows

Recession concerns grip US: White House and public at odds

Bitcoin, Solana, and Cardano Soar Amidst Turbulent Crypto Year

AI-driven cheat sheets and chatbots in product marketing

MetaBeat's 1st Year Anniversary Event!

SEC Chair Gensler dodges question about spot Bitcoin ETF

Join our free newsletter for daily crypto updates!