Ark Invest’s Coinbase selloff continued last week, with the company selling $59 million worth of stock after unloading an additional 18,962 COINs ($2.8 million) on Friday, according to the company’s latest trading filing. Cathie Wood’s investment management firm sold 12,142 shares of Coinbase stock ($1.8 million) in the Innovation ETF, 2,278 shares ($337,000) in the Next Generation Internet ETF, and 4,542 shares ($672,000) in the Fintech Innovation ETF.
Ark, which sold $42.6 million worth of COIN on Wednesday, added $11.5 million on Tuesday and $1.9 million on Monday, took a total of $58.8 million in Coinbase stock last week as it continues to rebalance its fund weights amid a surge in COIN stock. I disposed of it. last month. Ark also sold $100 million worth of Coinbase stock last week.
Coinbase stock was trading at $147.90 at market close on Friday, according to TradingView. According to Trading View, it has risen about 4.5% this week, 50% last month, and more than 305% since the beginning of the year, reaching the highest price since April 2022. However, the stock remains down about 60% from its all-time high of about $343, set at the height of the cryptocurrency bull market in November 2021.
COIN/USD price chart. Image: TradingView.
Coinbase is currently valued at $27.5 billion, according to The Block’s data dashboard.
As NAV discount narrows and Bitcoin falls, Ark offloads $15 million worth of GBTC.
Ark also sold 12,000 shares ($409,000) of Grayscale Bitcoin Trust stock on Friday amid a rise in the stock price last week as GBTC’s discount to NAV narrowed to its lowest level since July 2021.
In addition to the $1.6 million it sold on Wednesday and the $12.9 million it sold on Monday, Ark sold a total of $14.9 million worth of GBTC stock last week.
GBTC was trading at $34.10 at market close on Friday, up nearly 2% for the week and 315% year-to-date, according to TradingView. GBTC stock remains down about 40% from its February 2021 high of $56.70.
GBTC/USD price chart. Image: TradingView.
GBTC daily trading volume hit $143 million on Friday, again down significantly from 2021’s peak of $1.5 billion, according to The Block’s data dashboard.
Ark’s GBTC sales follow a significant narrowing of the GBTC discount to net asset value in recent months, from 44% in June to 7.4% on December 14. This is the smallest figure in about two and a half years, according to YCharts. NAV discount refers to how much the market price of each stock is below the value of its corresponding Bitcoin. GBTC’s current discount to NAV is 9.87%.
GBTC discount to NAV. Image: YCharts.
Bitcoin fell about 5% in the opposite direction last week, ending an eight-week streak of weekly gains. Bitcoin is currently trading at 41,157, according to price data from The Block.
BTC/USD. Image: Block/TradingView.
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