Bitcoin bull Cathie Wood’s Ark Invest has again sold off Grayscale Trust (GBTC) shares—this time worth around $3.8 million—and bought $5.6 million in Block shares.
Trading activity shows that Ark’s Next Generation Internet fund (ARKW) sold 139,506 shares of GBTC shares while buying 113,326 shares of Block, Inc. and adding them to ARK Innovation ETF (ARKK), ARKW fund and Ark Fintech Innovation ETF (ARKF).
It is the second time Ark Invest sold Grayscale shares in recent weeks: on October 24, Ark offloaded almost $5.8 million in Coinbase and GBTC shares after the price of Bitcoin boomed. Today GBTC is priced at $26.75 per share, a 0.74% dip since yesterday.
Ark is the second-largest holder of GBTC shares. It is also the second-largest holder of Coinbase—America’s biggest crypto exchange—stock.
Block is a Bitcoin-focused payments company founded by ex-Twitter CEO Jack Dorsey. The company was previously known as Square and owns the popular mobile app, Cash App, which can be used for buying and selling Bitcoin.
Last week, Block reported better-than-expected Q3 earnings, posting a net revenue of $5.62 billion, up 24% year-over-year.
Ark Invest is one of many high-profile investment firms awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). The Ark21Shares ETF application was filed in June 2021 but has since been rejected.
Edited by Ryan Ozawa.
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Source: https://decrypt.co/204657/cathie-wood-ark-invest-grayscale-block-square-shares
