ARK Invest Cathie Wood sells $43 million worth of Coinbase shares in 24 hours
The company also continues to remove GBTC shares from the funds’ portfolios
14.12.2023 - 11:44
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What’s new? ARK Invest, an investment firm led by Cathie Wood, has once again sold a large volume of shares of the US crypto exchange Coinbase (COIN) as they continue to rise in value and set a record since March 2022 at $150,46 on December 13. On that day, ARK sold 283 104 COIN worth $42,6 million, and in total, it has removed more than $154 million worth of Coinbase securities from the portfolios of its exchange-traded funds (ETFs) since the beginning of the month.
What else is known? Specifically, on December 13, ARK sold 239 237 securities from the Innovation ETF fund and another 43 867 from the Next Generation Internet ETF as part of portfolio rebalancing.
In addition, the company also continues to sell shares of the Grayscale Bitcoin Trust Investment Company (GBTC), the discount on which relative to the underlying asset continues to decline. GBTC price growth is because traders expect the trust to be converted into a spot exchange-traded fund (ETF) soon.
Over the day, ARK sold 45 864 GBTC shares for $1,6 million, at which time the discount on the securities fell to 7,4%, the lowest level since July 2021.
Earlier, Coinbase announced the launch of spot trading on its international platform. The company expects Coinbase International Exchange to become “a cornerstone of the global crypto ecosystem.”
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