Cathie Wood’s Ark Invest sold more shares of Coinbase and Grayscale Bitcoin Trust on Tuesday, selling 237,572 COIN ($33.3 million) and 168,127 GBTC ($5.9 million) amid continued price gains, according to the company’s latest report. It appeared, deal documents show.
In one of its highest daily offloads this year, Ark sold 28,535 shares ($4 million) from the Fintech Innovation ETF, 7,326 shares ($1 million) from the Next Generation Internet ETF, and 201,711 shares ($28.3 million) from the Innovation ETF. . Ark sold 10,218 shares ($1.4 million) of Coinbase stock on Monday, following the sale of $15 million worth of Coinbase stock last week.
Coinbase shares trade at $141.99 in pre-market trading, up about 10% over the past week and 67% over the past month, reaching their highest level since April 2022, according to TradingView. However, the stock price is still down about 60% compared to the all-time high set in November 2021.
COIN/USD price chart. Image: TradingView.
NAV discount narrows and Bitcoin price rises
Ark sold 168,127 GBTC shares ($5.9 million) from the Next Generation Internet ETF on Tuesday, following the sale of 94,624 GBTC ($2.8 million) from the same fund on November 24.
According to TradingView, GBTC stock was trading at $35.10 at market close yesterday. It rose more than 11% last week and more than 30% last month, reflecting the recent surge in Bitcoin prices.
GBTC/USD price chart. Image: TradingView.
Ark’s GBTC sales come as GBTC’s discount to net asset value has narrowed significantly in recent months, from more than 40% in the summer to less than 10% last month. NAV discount refers to how much the market price of each stock is below the value of its corresponding Bitcoin. According to YCharts, GBTC’s current discount to NAV is 10.5%.
GBTC discount to NAV. Image: YCharts.
Ark also bought a small number of Robinhood shares on Tuesday, adding 9,586 shares ($100,000) of HOOD stock to the Fintech Innovation ETF, adding to the $140,000 worth of shares it bought on Monday and the $3 million HOOD it bought last week.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.