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. 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. 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.
Ark Invest is once again selling off Grayscale shares and buying Block shares in an effort to diversify their portfolio. This is good news for Block stock holders, as Ark is the second largest holder of GBTC and Coinbase shares. Despite the good news, the Ark21Shares ETF application was rejected by the SEC, meaning that Ark will have to wait before being able to offer a Bitcoin exchange-traded fund. #Bitcoin #Cryptocurrency #Investing #ArkInvest #BlockInc
You can read more about this topic here: Decrypt: Cathie Wood’s Ark Invest Gets Infusion of $3.8M In Grayscale Shares, Snaps Up $5.6M in Block