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

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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 19, 2023 00:05 EST

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Cathie Wood led ARK Invest fund sold around 809, 441 Grayscale Bitcoin Trust (GBTC) shares worth $27.6 million from its Next Generation Internet (ARKW) exchange-traded fund (ETF) on Monday, the biggest sale in more than a year, Ark Invest Daily reported.

The price of Bitcoin once again rose above the $43,000 mark early Tuesday in Asian hours, registering a nearly 5% increase in the last 24 hrs coinciding with recent ETFs updates from the SEC.

Cathie Wood and Ark Invest's trade activity from today 12/18 pic.twitter.com/Nx06hSyRYQ

— Ark Invest Daily (@ArkkDaily) December 19, 2023

Ark Invest Offloads $42.5 Million in GBTC Shares

Ark sold 12,000 shares of GBTC on Friday, amounting to $409,000, $1.6 million on Wednesday and $12.9 million on Monday, successfully unloading a cumulative total of $14.9 million in GBTC shares just last week.

GBTC traded for $34.54 at market close on Monday as Ark capitalized on recent gains. GBTC shares remain around 39% down from a high of $56.70 set in February 2021.

There has been a significant narrowing for GBTC’s discount to net asset value in recent months. As of December 19, GBTC negative premium rate stands at -8.04%, with a monthly change of -1087.02, as per Coinglass data.

Ark Invest Sold $59 Million Coinbase Shares Last Week

Ark Invest sold roughly $59 million in Coinbase shares last week. In the recent trade filing, the investment management firm disclosed the sale of 18,962 COIN shares ($2.8 million) on Friday.

Capitalizing on the recent rally, Cathie Wood’s company sold 12,142 Coinbase shares ($1.8 million) from its Innovation ETF, 2,278 ($337,000) from its Next Generation Internet ETF, and 4,542 ($672,000) from its Fintech Innovation ETF.

This follows the trend set earlier in the week with the sale of $42.6 million worth of COIN on Wednesday, $11.5 million on Tuesday, and $1.9 million on Monday. The cumulative divestment reached $58.8 million in Coinbase shares for the week.

Ark Invest had also previously dumped $100 million worth of Coinbase shares in the prior week.