Ark Invest sold an additional $43 million worth of Coinbase stock amid a surge in COIN stock price.
Cathie Wood’s Ark Invest sold more Coinbase shares on Wednesday, selling 283,104 COIN ($42.6 million) across the two funds, taking weekly sales to $56 million, according to the company’s latest trading filing.
Ark sold 239,237 shares ($36 million) of Coinbase stock in the Innovation ETF and 43,867 shares ($6.6 million) in the Next Generation Internet ETF. These sales follow the disposal of $13.4 million worth of COIN on Monday and Tuesday. The asset manager sold $100 million worth of Coinbase shares last week as it continues to rebalance its fund exposure amid a surge in COIN stock last month.
Coinbase shares were trading at $150.46 at market close Wednesday, up 7.8% on the day. It has risen 64% over the past month, reaching its highest level since April 2022, according to TradingView data. However, the stock is still about 60% below its all-time high of $343 set in November 2021.
COIN/USD price chart. Image: TradingView.
As NAV discount shrinks, Ark offloads GBTC.
Arc also sold 45,864G
BTC
+4.35%
GBTC stock was trading at $35.59 at market close on Wednesday, according to TradingView. This is up more than 6.5% in one day and more than 19% over the past month. Bitcoin rose 5% yesterday and is up 17% over the past month, according to price data from The Block.
GBTC/USD price chart. Image: TradingView.
Ark’s GBTC sales follow a significant narrowing of GBTC’s discount to net asset value in recent months, from more than 40% in the summer to 7.4% yesterday. 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 discount to NAV. Image: YCharts.
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