ARK Exodus: Cathie Wood Unloads 800K Grayscale Bitcoin Trust Shares

ARK Invest, a contender for approval of a Bitcoin (BTC) exchange-traded fund (ETF) slot in the United States, persists in divesting its holdings of Grayscale Bitcoin Trust (GBTC) stock, recently completing the sale of another substantial volume of shares.

On Dec 18, ARK liquidated 809,441 GBTC shares from its ARK Next Generation Internet ETF (ARKW), as indicated by a trade notification. At the closing share price of $34.5, the transaction is valued at $27.9 million, according to information from TradingView.

This recent sale continues to diminish ARK’s involvement with the Grayscale Bitcoin Trust, bringing GBTC closer to slipping out of the top three holdings in ARKW’s.

As of Dec 18, GBTC maintains its position as the third-largest asset within the ARKW portfolio, constituting 6.84% of the total assets, with a market value of $117 billion. Below GBTC in the ARKW portfolio are cryptocurrency exchange Coinbase and streaming company Roku, constituting 11% and 8% of ARKW’s total assets, respectively.

As of Dec 18, 2023, the primary holdings in the ARK Next Generation Internet ETF’s top four positions. Source: ARK

Bitkey Launches Globally: Block’s Self-Custody Bitcoin Wallet Partners with Coinbase & Cash App

As ARK divests from GBTC, it concurrently increases its holdings in Block, the financial payment processor co-founded by Jack Dorsey, the co-founder of Twitter (now X).

However, on Dec 18, ARKW invested in an additional 347,692 shares of Block, valued at $25.7 million based on the closing share price. With persistent buying activity, Block’s stock has approached GBTC on the top four list, representing 6.83% of ARKW’s total assets and boasting a market value of $116.9 billion.

Additionally, Block unveiled its self-custody Bitcoin wallet, Bitkey, on Dec 7. This wallet is accessible as a mobile application or hardware storage and is available in over 95 countries. However, Coinbase and Cash App are among Bitkey’s initial global partners.

Related Reading | Analyst Warns Of Impending ‘Bloodbath’ For Crypto Exchanges With Spot Bitcoin ETF Approval

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

Comments (No)

Leave a Reply