Cathie Wood’s ARK Invest Buys Block Stock
Cathie Wood’s ARK Invest recently purchased $25.7 million worth of Block Inc (SQ) stock after the company’s shares reached a four-month high. This move is believed to be influenced by the recent increase in Bitcoin’s price.
The Details of the Purchase
ARK Invest bought a total of 347,692 shares of Block, a financial services and digital payments provider, through its ARK Next Generation Internet ETF (ARKW).
Block’s shares reached a high of $74.77 during the trading day but settled at $73.88, experiencing a slight decline of 0.44%.
Sale of GBTC Shares
In addition to the purchase of Block stock, ARK Invest also sold approximately 809,441 shares of Grayscale Bitcoin Trust (GBTC) valued at $27.6 million from the same ARKW ETF. This is the largest sale in over a year.
GBTC shares closed at $34.54 on Monday, with Ark taking advantage of recent gains. However, GBTC shares are currently trading 39% lower than their peak in February 2021.
Dynamic Investment Strategies in Cryptocurrency
These recent transactions by ARK Invest highlight the ever-changing nature of investment strategies in the cryptocurrency sector. Cathie Wood has previously sold $14.9 million worth of GBTC shares and expressed that the potential approval of a US Bitcoin ETF could challenge GBTC’s market position.
It is worth noting that ARK Invest is also awaiting approval from the SEC to launch its own Bitcoin ETF.
Hot Take: Cathie Wood’s Strategic Moves Reflect Crypto Market Volatility
Cathie Wood’s ARK Invest buying Block stock and selling GBTC shares demonstrates the dynamic nature of investment decisions in the cryptocurrency sector. As Bitcoin’s price fluctuates, Wood strategically adjusts her portfolio to maximize gains. This highlights the importance of staying agile and adaptable in the crypto market. With Wood’s anticipation of a US Bitcoin ETF approval, it will be interesting to see how these investment strategies evolve and their impact on the overall market.
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