ARK Investment sells additional shares in Coinbase ─ Total amount in December close to $200 million | CoinDesk JAPAN

On the 20th, ARK Investment, an investment company led by CEO Cathie Wood, sold more shares in the cryptocurrency exchange Coinbase. With the stock price up nearly 30% since the end of November, total sales in December reached $196.8 million (approximately 27.552 billion yen, at an exchange rate of 140 yen to the dollar).

Limiting exposure to individual companies

ARK Innovation ETF (ARKK) sold 132,782 shares, and ARK Next Generation Internet ETF (ARKW) sold 16,998 shares, for a total of $24 million (approximately 3.36 billion yen) worth of sales at the closing price on the 20th. It became.

ARK Investments has a policy of limiting its exposure to individual companies to a maximum of about 10% of its assets, so it often reduces its holdings in Coinbase when stock prices rise. The percentage of Coinbase stock remains above this level for both ARKK and ARKW.

Grayscale Bitcoin Trust also sold

ARKW will also further sell the Grayscale Bitcoin Trust (GBTC), reducing its holdings by 398,383 units, while offering crypto payments through Cash App and adding new assets this month. Bought an additional 158,334 shares of Block, which announced a self-custody Bitcoin wallet.

Ycharts data shows that GBTC’s discount to net asset value widened slightly by 0.33 percentage points on the 20th to 7.9%, but remains well below the 12.5% ​​recorded earlier this month and in 2021. It remains near its narrowest level since March. Meanwhile, Bitcoin (BTC) rose 3.3% on the 20th, surpassing $44,000 (approximately 6.16 million yen) for the first time in 10 days, according to data from CoinDesk Indices.

｜Translation and editing: Rinan Hayashi
｜Image: Alpha Photo/Flickr
｜Original text: ARK Invest Coinbase Share Sale Takes December Total Close to $200M