Cathie Wood Makes Major Portfolio Changes
Cathie Wood, the chief of Ark Invest, has made significant changes to her portfolio by purchasing $5.6 million worth of shares in Block Inc, a company led by Twitter founder Jack Dorsey. This move comes after Ark Invest sold a large portion of its holdings in the Grayscale Bitcoin Trust ETF (GBTC).
Ark Invest Acquires Block Inc Shares
Ark Invest acquired 113,326 shares of Block Inc through its flagship ARK Innovation ETF, ARK Next Generation Internet ETF, and Ark Fintech Innovation ETF. The total value of the transaction was approximately $5.61 million based on Block’s closing price on that day.
This purchase aligns with Ark Invest’s investment strategy, which focuses on innovative companies with strong growth potential. It comes after Ark Invest divested from significant positions in cryptocurrency-related assets.
Ark Invest Sells Grayscale GBTC
As part of its investment strategy, Ark Invest sold around $3.76 million worth of shares in the Grayscale Bitcoin Trust ETF (GBTC) through ARKW. This follows a previous divestment of about $2.5 million worth of GBTC shares in late October.
The decision to sell GBTC shares comes despite Cathie Wood’s confidence in Grayscale Trust’s commitment to cold storage. The GBTC share price has rallied over 228% this year, narrowing the discount gap with the spot Bitcoin price.
Cathie Wood Remains Bullish on Bitcoin
Despite the recent surge in the Bitcoin price, Cathie Wood continues to be bullish on Bitcoin as a long-term asset. She referred to it as “digital gold” and highlighted its immunity to inflation and deflation due to the absence of institutional involvement and counterparty risk.
Wood prefers Bitcoin over traditional assets like gold or cash for her future holdings.
Hot Take: Cathie Wood Continues to Make Bold Moves in the Crypto Space
Cathie Wood, the chief of Ark Invest, has made significant changes to her portfolio by acquiring shares of Block Inc and selling Grayscale GBTC shares. This move reflects Ark Invest’s investment strategy of focusing on innovative companies with strong growth potential. Despite the recent surge in the Bitcoin price, Wood remains bullish on Bitcoin as a long-term asset, considering it as “digital gold” that is immune to inflation and deflation. Wood’s bold moves in the crypto space demonstrate her confidence in the industry’s future.
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