Cathie Wood Ark Invest Offloads 3.8 Million Dollars in GBTC, Acquires 5.6 Million Dollars of Block

Crypto News– Cathie Wood’s Ark Invest made some significant moves in the cryptocurrency space. On Monday, the investment firm sold a portion of its holdings in Grayscale Bitcoin Trust (GBTC), offloading 139,506 GBTC shares, which amounted to approximately $3.8 million. These sales were executed from the ARK Next Generation Internet fund (ARKW).

Cathie Wood Ark Invest Offloads 3.8 Million Dollars in GBTC, Acquires 5.6 Million Dollars of Block

Simultaneously, Ark Invest increased its exposure to Block, Inc. by acquiring 113,326 shares of the company across three of its funds, totaling around $5.6 million. The breakdown of this investment includes 70,022 shares added to the ARK Innovation ETF (ARKK), 26,345 to the ARKW fund, and 16,959 to the Ark Fintech Innovation ETF (ARKF), as reported in the company’s latest trade filing.

As for GBTC, its market price currently stands at $26.95 during pre-market trading, reflecting a notable increase of over 30% in the past month, according to data from TradingView. Notably, GBTC’s discount to its net asset value (NAV) has fallen below 15% for the first time since December 2021, a development coinciding with the SEC’s decision not to appeal a recent court ruling related to Grayscale’s attempt to convert its flagship GBTC fund into a spot bitcoin ETF. The SEC is currently re-evaluating the application in light of this decision.

It’s also worth mentioning that Ark Invest has submitted an application for a spot bitcoin ETF approval to the SEC, collaborating with 21Shares in this effort. This move underscores the evolving landscape and growing interest in cryptocurrency-related investments within the financial industry.