Ark Invest Adjusts its Holdings in Grayscale Bitcoin Trust (GBTC)
Investment firm Ark Invest, led by Cathie Wood, has sold over $3.8 million worth of shares in Grayscale Bitcoin Trust (GBTC).
Ark Invest has also acquired $5.6 million worth of shares in Block, Jack Dorsey’s crypto platform.
These transactions come at a time when the SEC may reconsider its position on bitcoin-based exchange-traded funds (ETFs).
Strategic Adjustment at Ark Invest
Recently, Ark Invest sold off shares of Grayscale Bitcoin Trust (GBTC) worth $3.8 million.
This significant sale, which represents approximately 139,506 GBTC shares, was executed through the ARK Next Generation Internet (ARKW) fund, indicating a potential reassessment of the company’s stance on bitcoin investment vehicles.
A New Investment in Block
In addition to the sale, Ark has invested in technology firm Block, acquiring 113,326 shares worth $5.6 million.
This investment was spread across three of its funds, with 70,022 shares via the ARK Innovation (ARKK) ETF, 26,345 through ARKW, and 16,959 from the ETF Ark Fintech Innovation (ARKF). These recent actions demonstrate confidence in Block’s growth potential, particularly after the company announced a 22% increase in Bitcoin (BTC) profits from its “Cash App”.
Overall, Ark Invest’s decision to sell a portion of its GBTC holdings comes at a time when the SEC is reconsidering Ark’s application for a bitcoin spot ETF.