Ark Invest Dumps Nearly $13 Million in GBTC Shares Amid Broader Market Sell-Off

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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December 11, 2023 23:56 EST

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Cathie Wood-led Ark Invest sold over $12.8 million worth of Grayscale Bitcoin Trust (GBTC) shares on Monday amid a broader market sell-off, Ark Invest Daily reported.

The decision to offload 395,945 GBTC shares through the ARK Next Generation Internet ETF (ARKW) came as the leading cryptocurrency traded around $40,000.

The GBTC sale, valued at $12.85 million, saw the trust closing 8.59% lower at $32.46 on Monday.

Ark Invest Continues to Dump Coinbase Shares

In addition to the GBTC sale, Ark Invest also adjusted its position in Coinbase, the largest US-based cryptocurrency exchange. On the same day, Ark sold a total of 13,634 Coinbase shares through ARK Innovation ETF and ARKW, amounting to $1.8 million. Coinbase shares closed 5.87% lower at $138.02 for the day.

This move follows Ark Invest’s earlier adjustments in its Coinbase position this month when Bitcoin crossed the $44K mark. The company sold 335,860 shares in Coinbase on Friday, marking its most substantial sale since July.

The sale, executed across three exchange-traded funds (ETFs), primarily involved the Innovation ETF (ARKK). At Coinbase’s closing price, this transaction raised $49.2 million.

Despite the recent sales, Coinbase (COIN) still represents a significant portion of Ark’s ETF portfolios. It accounts for more than 11% of the ARKK and Next Generation ETF (ARKW) and over 13% of the Fintech Innovation ETF (ARKF).