On Wednesday, Cathie Wood’s Ark Invest completed another round of sales, offloading 180,422 Coinbase shares (COIN) worth $24.3 million and 99,595 Grayscale Bitcoin Trust (GBTC) shares worth $3.5 million. This strategic move is in line with Ark’s model of reducing exposure to these assets, as highlighted in the firm’s recent trading files.
Ark’s Coinbase Offloading Strategy Revealed
With the $33.3 million worth of COIN shares sold on Tuesday and $1.4 million worth sold on Monday, Ark Invest has now offloaded a total of $59 million worth of Coinbase shares this week. The company had also sold $15 million worth of Coinbase shares last week.
As of the latest market close, Coinbase shares were at $134.63, representing a 7% increase for the week and a 55% increase for the month. Year-to-date, the increase stands at an impressive 269%, propelling Coinbase shares to their highest level in 18 months.
GBTC Shares: Ark’s 2-Day Offloading Frenzy
Simultaneously, Ark Invest continued the momentum of selling GBTC shares, offloading 99,595 shares worth $3.5 million from the Next Generation Internet ETF fund. This move follows the sale of 168,127 GBTC shares the previous day, amounting to a total of $5.9 million.
GBTC shares closed at $34.92 in the latest market close, showing a 14% increase last week. GBTC has seen a 28% increase for the month and an astonishing 325% increase year-to-date, reflecting the upward trajectory of Bitcoin.
A Trend-Conscious Move
The ongoing sales of GBTC shares are in line with a significant trend. The net asset value (NAV) discount of GBTC has witnessed a notable tightening in recent months. According to YCharts, the discount, which had surpassed 40% in June, has now narrowed to approximately 11%, indicating a more coherent valuation with the fundamental value of Bitcoin it represents.
As Ark Invest’s strategic moves continue to draw attention, the firm adjusts its portfolio based on market dynamics and regulatory considerations. These recent sales shed light on Ark’s cautious approach and emphasize the importance of staying agile in the ever-evolving cryptocurrency landscape.
