Cathie Wood’s Ark Invest sold more Coinbase shares on Monday, selling 43,956 COIN ($5.3 million) as the value of the cryptocurrency exchange’s stock reached its highest level in 18 months.
Ark also purchased 143,063 shares of Robinhood stock worth about $1.2 million for the Ark Fintech Innovation ETF. This is in addition to the 93,297 shares, or $780,000, of Robinhood stock that Ark added to its ARK Next Generation internet fund on Friday.
Coinbase shares are currently trading at $120.69 in pre-market trading, up more than 50% this month and 228% year-to-date, reaching their highest level since April 2022, according to TradingView. However, the stock price is still down about 65% from the cryptocurrency bull market peak of $342.98 in November 2021.
COIN/USD price chart. Image: TradingView.
Ark’s Coinbase Offloading recorded similar sales in October as the price of Bitcoin rose to a new yearly high. Bitcoin is currently trading at $37,095, according to price data from The Block.
Robinhood stock is currently priced at $8.41 in pre-market trading. It’s down more than 8% this month and is up just 1.57% for the year. The stock is trading about 16% above its all-time low of $7.19 and down about 85% from its August 2021 high of $55.01, according to TradingView.
HOOD/USD price chart. Image: TradingView.
Ark’s acquisition of Robinhood shares follows the cryptocurrency-friendly trading app’s plans to expand into the EU and UK, announced earlier this month amid the fintech company’s disappointing third-quarter results.
Ark GBTC sales amid narrowing NAV discount
Ark’s latest move comes after it offloaded 94,624 shares ($2.8 million) of Grayscale Bitcoin Trust stock from its ARKW fund on Friday. According to TradingView, GBTC stock is currently trading at $30.04 in pre-market trading.
Ark’s GBTC sales are the result of the continued narrowing of GBTC’s net asset value discount. NAV discount refers to how much the market price of each stock is below the value of its corresponding Bitcoin. It recently fell below 10% for the first time in two years. According to YCharts, GBTC’s current discount to NAV is 8.78%.
GBTC discount to NAV. Image: YCharts.
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