According to The Block: Global asset management firm Ark Invest, helmed by Cathie Wood, reportedly sold 43,956 shares of Coinbase, approximately worth $5.3 million. This move came about as the crypto exchange’s stock value hits an 18-month peak. Concurrently, Ark Invest also purchased 143,063 shares of Robinhood, costing around $1.2 million, for its Ark Fintech Innovation ETF.
Coinbase share numbers present an upward trend, currently trading upward of 50% this month alone, reaching an impressive 228% year-to-date rise in pre-market trading. The value of $120.69 is the highest recorded since April 2022, as per TradingView, although it falls short compared to an all-time high of $342.98 reached in November 2021.
Ark Invest's sale of Coinbase shares is not an isolated incident, with similar tranches sold off back in October when Bitcoin's price was rallying. Currently, Bitcoin is trading at $37,095.
Meanwhile, enhancement in Ark’s Robinhood shareholding fits into the broader picture of the trading app’s plans to extend operations into the EU and the UK, revealed earlier this month after recording underwhelming Q3 results.
As for Robinhood’s shares, they stand at $8.41 in the pre-market trading, down by over 8% this month and presenting a modest 1.57% growth for the year. Their value is approximately 16% above the all-time low and down by around 85% from the peak value of $55.01.
Interestingly, Ark Invest has also sold off 94,624 shares of its Grayscale Bitcoin Trust shares from its ARKW fund, continuing the diminishing trend for GBTC’s discount to net asset value. GBTC shares are currently trading at $30.04 in pre-market trading. The discount to NAV, symbolizing how much less each market share price is than the Bitcoin value it represents, has recently dropped to less than 10% for the first time in two years. GBTC's discount to NAV currently stands at 8.78%.
