Cathie Wood of Ark Invest is recognized for her crypto investments. She majorly reshuffled her portfolio on Monday, Nov 6. In a massive buy, the company snapped up $5.6 million of Block Inc. shares. Twitter’s founder, Jack Dorsey, founded this company. This buying spree came right after Ark Invest dropped a big chunk of its Grayscale GBTC shares.
Ark Invest made an impressive buy on Monday. They pocketed 113,326 shares of Block through three of its main funds: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF). The whole deal added up to circa $5.61 million. We estimated this based on Block’s closing price of $49.52 that day.
On the other hand, in line with its investment strategy, Ark Invest sold roughly $3.76 million in shares of the Grayscale Bitcoin Trust ETF (GBTC) through ARKW. As of Monday, GBTC closed at $26.95.
In late Oct, Ark Invest had already sold off roughly $2.5 million in shares of GBTC, even though Cathie Wood had expressed faith in Grayscale Trust’s dedication to cold storage.
Additionally, Ark Invest’s recent purchase lines up with their investing style. They usually pick companies with new ideas and a good chance to grow. Importantly, this followed shortly after Ark removed a large number of assets tied to cryptocurrency.
Cathie Wood’s Ark Invest: Coinbase Sell-Off Strategy
Moreover, this year, the GBTC share price soared over 228%, closing the gap with the spot Bitcoin price. This occurred when Grayscale defeated the SEC, turning the GBTC product into a spot Bitcoin ETF.
Cathie Wood’s Ark Invest has undergone significant portfolio adjustments this year, selling off a substantial amount of its Coinbase (COIN) shares.
Despite Bitcoin’s price skyrocketing 70% this year, Cathie Wood remains a firm believer in Bitcoin.
In an interview, when asked about her choice of holding an asset for a decade, Cathie Wood didn’t miss a beat and chose “Bitcoin” without a second thought.
However, She likened the cryptocurrency to “digital gold” and emphasized Bitcoin’s immune nature to inflation and deflation. The lack of institutional intervention eliminates counterparty risk, she explained.
Wood conveyed her inclination for Bitcoin as a long-term investment, prioritizing it over conventional assets such as gold or cash for her prospective holdings.
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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.
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