Ark Invest, led by Cathie Wood, has sold 139,506 shares of Grayscale Bitcoin Trust (GBTC) from its ARK Next Generation Internet fund. This amounts to approximately $3.8 million in sales. Meanwhile, Ark Invest has purchased 113,326 shares of Block, Inc., worth around $5.6 million, across three of its funds.
GBTC Trading and Discount to Net Asset Value
Currently trading at $26.95 in pre-market trading, GBTC has seen a more than 30% increase over the past month. The discount to net asset value (NAV) for GBTC is now below 15%, the lowest it has been since December 2021.
SEC Ruling and Bitcoin Gross Profit
The SEC has decided not to appeal against the recent Grayscale ruling regarding its attempt to convert the GBTC fund into a spot bitcoin ETF. Meanwhile, Ark Invest and 21Shares have filed for spot bitcoin ETF approval with the SEC. In other news, Block, Inc., founded by Jack Dorsey, reported a 22% increase in bitcoin gross profit for Q3, bringing in $45 million.
Block’s shareholder letter attributes this growth to the rise in bitcoin’s market price and increased volume of bitcoin sold through its Cash App.
Bitcoin Performance
Bitcoin has seen a 25% increase over the past month, currently trading at around $35,000.
Ark Invest’s Recent Sales
In October, Ark Invest sold nearly $10 million worth of GBTC and Coinbase shares amid the surge in bitcoin’s price.
Hot Take: Ark Invest Balances Portfolio with Grayscale Bitcoin Trust Sale
Cathie Wood’s Ark Invest continues to make strategic moves in its cryptocurrency portfolio. While selling off some Grayscale Bitcoin Trust shares, it has also made significant investments in Block, Inc. These decisions reflect Ark Invest’s ongoing efforts to optimize its holdings and adapt to market dynamics. The recent SEC ruling and Block, Inc.’s positive Q3 results contribute to the evolving landscape of cryptocurrency investments. As bitcoin continues to show strong performance, investors are closely watching how companies like Ark Invest navigate this rapidly changing market.
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