ARK Invest offloads another $24.3m in Coinbase shares, $3.5m in GBTC

Cathie Wood’s ARK Invest continued to sell Coinbase (COIN) shares for the third consecutive day, despite the crypto exchange’s share price hovering near a 19-month peak.

The investment management company carried out sales of Coinbase shares through its different ETFs, selling 12,474 shares worth $1.7 million from the Fintech Innovation ETF, 5,369 shares valued at $723,000 from the Next Generation Internet ETF, and a substantial 162,579 shares for $21.9 million from the Innovation ETF.

Closing at $134.63 yesterday, Coinbase stock saw a 7% rise over the week, 55% over the month, and a 269% increase year-to-date, reaching an 18-month high, as per Yahoo Finance data.

Adding to the sale of $33.3 million in Coinbase (COIN) shares on Dec. 5 and $1.4 million on Dec. 4, ARK Invest has divested a total of $59 million in Coinbase shares from its funds over this week.

ARK Invest also reduced its holdings in the Grayscale Bitcoin Trust (GBTC), selling 99,595 shares valued at just under $3.5 million at the closing price on Dec. 6. GBTC’s price dipped slightly by 0.51% to close at $34.92. This follows ARK’s sale of 168,127 GBTC shares on Dec. 5, worth about $5.9 million.

The recent activity in GBTC shares comes amidst a notable surge in the value of bitcoin, the underlying asset of the trust.

Over the past week, bitcoin (BTC) has seen a 15% rise, with a 24% increase over the past month and a significant 160% growth year-to-date—currently, bitcoin’s trading price hovers around $43,164, as per the latest data from CoinMarketCap.