Bitcoin $BTC : Ark Invest sells $3.8 million worth of GBTC
Ark Invest readjusts its shares in the Grayscale Bitcoin Trust (GBTC):
Cathie Wood and her Ark Invest fund have sold more than $3.8 million worth of Grayscale Bitcoin Trust (GBTC) shares.
Ark Invest also acquired $5.6 million in shares of Block, Jack Dorsey's crypto platform.
These transactions come against a backdrop where the SEC may reconsider its stance on bitcoin-based exchange-traded funds (ETFs).
Strategic readjustment at Ark Invest
Recently, manager Ark Invest liquidated shares of the Grayscale Bitcoin Trust (GBTC) worth $3.8 million.
This significant sale, representing approximately 139,506 GBTC shares, was made from the ARK Next Generation Internet (ARKW) fund, perhaps reflecting a reassessment of the firm's stance on bitcoin investment vehicles.
A new investment in the Block company
Along with this sale, Ark invested in technology company Block, acquiring 113,326 shares worth $5.6 million.
This investment was spread across three of its funds, namely 70,022 shares via the ARK Innovation ETF (ARKK), 26,345 on ARKW as well as 16,959 from Ark Fintech Innovation ETF (ARKF). These recent operations underline confidence in Block's growth potential, particularly after the announcement of a 22% increase in Bitcoin (BTC) profits linked to the company's “Cash App” application.
More generally, Ark invest's decision to sell part of its GBTC comes at a time when the SEC is reviewing Ark's application for a spot bitcoin ETF.
The article Bitcoin: Ark Invest sells $3.8 million worth of GBTC appeared first on Coin Academy.
