The founder of Ark Invest, Cathie Wood’s company, sold $24.3 million worth of Coinbase shares and $3.5 million worth of Grayscale Bitcoin Trust (GBTC) shares. These sales are part of the company’s strategy to reduce its asset distribution.
This week, Ark Invest sold a total of $59 million worth of Coinbase shares, following the sale of $15 million worth last week. Coinbase shares closed the week up 7%, with a monthly increase of 55% and a rise of 269% since the beginning of the year, reaching the highest level in 18 months.
Ark Invest also sold off its GBTC shares, disposing of 99,595 shares worth $3.5 million from its Next Generation Internet ETF. The previous day, 168,127 GBTC shares valued at $5.9 million were sold.
GBTC shares showed a 14% increase at the last market close, with a monthly gain of 28% and an increase of 325% since the beginning of the year. The discount of GBTC’s net asset value (NAV) has significantly decreased in recent months, from over 40% in June to approximately 11% now.
Ark Invest continues to adjust its portfolio in line with market dynamics and regulatory considerations. These latest sales highlight the company’s cautious approach and the importance of remaining agile in the ever-changing cryptocurrency market.