Cathie Wood’s Ark Invest has persisted in its trend of substantial sales, unloading significant portions of Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares over consecutive days.
On Wednesday alone, Ark Invest divested 180,422 Coinbase shares, totaling approximately $24.3 million.
This followed the prior day’s sell-off of $33.3 million worth of COIN, marking a week where Ark has liquidated approximately $59 million in Coinbase shares, complementing the $15 million divested the previous week.
Simultaneously, Ark Invest has also shed 99,595 GBTC shares, valued at $3.5 million on Wednesday, following a $5.9 million sell-off from the same stock the day before.
Notably, this comes amidst a substantial reduction in GBTC’s discount concerning its net asset value over recent months, indicating a convergence in the market price per share compared to the value of the Bitcoin (BTC) it represents.
Despite these significant sell-offs, both COIN and GBTC have demonstrated remarkable price surges in recent days
In the most recent market session, Coinbase concluded trading at $134.63, highlighting a 7% rise throughout the week, a notable 55% surge over the past month, and a remarkable 269% growth since the beginning of the year.
Meanwhile, GBTC concluded at $34.92, experiencing a notable 14% upturn in the past week, a 28% rise over the month, and an impressive 325% surge since the start of the year.
Additionally, Bitcoin’s price, currently hovering around $43,370, has mirrored similar upward trajectories, exhibiting a 16% increase in the last seven days, a 25% surge over the month, and a remarkable 166% surge year-to-date, closely aligned with the trends observed in GBTC’s performance.
This consistent selling spree by Ark Invest contrasts starkly with the upward momentum experienced by both Coinbase and GBTC.
Despite offloading significant shares, the robust performance of these assets in the market underscores investor confidence and a growing interest in cryptocurrencies and related platforms.
The narrowing gap between GBTC’s market price and its net asset value reflects an evolving market sentiment, further substantiating the ongoing evolution and maturation of the cryptocurrency landscape.
Ark Invest’s strategic moves amid this bullish market signify a unique perspective and approach within the investment realm, indicating the intricacies involved in managing positions within rapidly evolving sectors like digital assets and cryptocurrencies.
