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Cathie Wood’s Ark Invest Sells $27.6 Million in GBTC Shares as Bitcoin Touches $43K Again

Cathie Wood’s ARK Invest fund, under the leadership of Cathie Wood, executed its most substantial sale in over a year on Monday. The fund sold approximately 809,441 shares of Grayscale Bitcoin Trust (GBTC), amounting to $27.6 million, from its Next Generation Internet (ARKW) exchange-traded fund (ETF), as reported by Ark Invest Daily.

Following this development, the price of Bitcoin once again surpassed the $43,000 mark early on Tuesday during Asian trading hours, marking a nearly 5% increase in the last 24 hours. This surge coincided with recent updates on ETFs from the Securities and Exchange Commission (SEC).

Ark Invest Offloads $42.5 Million in GBTC Shares

Last week, Ark Invest made several strategic moves regarding Grayscale Bitcoin Trust (GBTC) shares, selling a total of 12,000 shares on Friday, amounting to $409,000, followed by a larger sale of $1.6 million on Wednesday, and a substantial $12.9 million on Monday. This successful series of transactions resulted in Ark unloading a cumulative total of $14.9 million in GBTC shares within the week.

Taking advantage of recent gains, Ark sold GBTC shares at a market close price of $34.54 on Monday. Despite these sales, GBTC shares are still approximately 39% down from their peak of $56.70 in February 2021.

Notably, there has been a notable reduction in the discount of GBTC to its net asset value in recent months. As of December 19, the negative premium rate for GBTC stands at -8.04%, with a monthly change of -1087.02, based on Coinglass data.

Ark Invest Sold $59 Million Coinbase Shares Last Week

Last week, Ark Invest made significant divestments, selling approximately $59 million in Coinbase shares, according to recent trade filings. The investment management firm disclosed the sale of 18,962 COIN shares, equivalent to $2.8 million, on Friday.

Capitalizing on the recent surge in Coinbase’s value, Cathie Wood’s company executed a series of sales, including 12,142 Coinbase shares ($1.8 million) from its Innovation ETF, 2,278 shares ($337,000) from its Next Generation Internet ETF, and 4,542 shares ($672,000) from its Fintech Innovation ETF.

This activity follows a trend set earlier in the week, with Ark Invest selling $42.6 million worth of COIN shares on Wednesday, $11.5 million on Tuesday, and $1.9 million on Monday. The cumulative divestment in Coinbase shares reached $58.8 million for the week. Notably, Ark Invest had also previously sold $100 million worth of Coinbase shares in the prior week.

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