ARK Invest Unloads Coinbase and GBTC Shares by Millions Amid Market Boom

ARK Invest, led by Cathie Wood, continues to navigate its strategic stock moves in the market, making notable sales of Coinbase and Grayscale Bitcoin Trust (GBTC) shares amid the continued rise in market prices.

On Tuesday, the investment firm carried out another significant sale, shedding 237,572 Coinbase shares valued at approximately $33.3 million, marking one of its largest daily liquidations in 2023.

This follows a trend from previous days, including a $1.4 million COIN sale on Monday and a substantial $15 million sale last week.

Specifically, Tuesday’s sale breakdown showed that ARK sold 28,535 Coinbase shares valued at $4 million from its Fintech Innovation ETF, followed by 7,326 shares valued at $1 million from its Next Generation Internet ETF.

A total of 201,711 shares worth $28.3 million were sold from its ARK Innovation ETF

Despite these sales, the value of Coinbase shares continues its upward trajectory, trading at $141.99 in pre-market sessions, a notable increase of 10% in the last week and a notable increase of 67% in the last month, reaching its highest level since April 2022.

However, it remains notably below its all-time high set in November 2021 by approximately 60%.

ARK also engaged in the sale of 168,127 shares of GBTC, equivalent to around $5.9 million, further taking advantage of market price rallies.

This decision followed an earlier unloading of 94,624 GBTC shares valued at $2.8 million on November 24 from the same fund.

It’s important to note that GBTC stock’s discount to its net asset value (NAV) has contracted significantly in recent months, going from over 40% over the summer to less than 10% last month.

Currently, GBTC’s discount to its NAV stands at approximately 10.5%.

Additionally, amid its selling, ARK made a modest investment by acquiring 9,586 shares of Robinhood valued at $100,000, in addition to $140,000 worth of shares purchased on Monday and a significant $3 million purchase last week, signaling diversified interests beyond from Coinbase and GBTC.

ARK Invest’s strategic moves in balancing its stock portfolio reflect careful observation of market trends, maximizing profits while adjusting its holdings to take advantage of the evolving blockchain and stock trading landscape.