The December total of Coinbase (COIN) stock sales was extended on Wednesday by Cathie Wood’s investment firm, ARK Invest, bringing the total to $196.8 million. Since the end of November, the share price has increased by nearly 30%.
With 132,782 shares sold by the ARK Innovation exchange-traded fund (ARKK) and 16,998 shares divested by the ARK Next Generation Internet ETF (ARKW), the combined amount at Wednesday’s closing price was $24 million.
Due to its policy of limiting its exposure to any one company to no more than 10% of its holdings, the company frequently sells Coinbase as the shares become more valuable. ARKK and ARKW both have COIN levels above that.
Along with adding 158,334 shares of Block (SQ), which allows users to make cryptocurrency payments through its Cash App and recently unveiled a new self-custody bitcoin wallet, ARKW also sold off more shares of the Grayscale Bitcoin Trust (GBTC), cutting its holdings by 398,383.
Ycharts data shows that even though GBTC’s discount to net asset value narrowed slightly on Wednesday, by just 0.33 percentage points, to 7.9%, it is still significantly lower than the 12.5% it touched earlier this month and is currently hovering around the narrowest since August 2021. In contrast, Bitcoin increased 3.3% and crossed $44,000 for the first time in ten days.