Cathie Wood’s Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.
Trading records reveal that Ark’s Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).
This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.
See Related: Cathie Wood: Bitcoin’s Performance During Financial Crisis Attractive To Institutions
Ark Invest’s Portfolio
Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.
Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.
Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.
