Cathie Wood’s Ark Invest Sells Massive GBTC Holdings
Cathie Wood’s asset management firm, Ark Invest, has sold a significant amount of its holdings in the Grayscale Bitcoin Trust (GBTC). The firm offloaded 809,441 GBTC shares, amounting to nearly $28 million. This move comes as speculation grows about the approval of a spot Bitcoin ETF by the US SEC in early January. It is the largest selloff of GBTC shares by Ark Invest in recent years. Despite this, the price of GBTC closed 1.29% higher at $34.54 on Monday, reaching a new 52-week high last week.
Ark Fund Buys Block Inc (SQ) Shares
While Ark Invest continues to sell off Coinbase shares, it has made another purchase of Jack Dorsey’s Block Inc (SQ) stocks. On December 18, the ARK Next Generation Internet ETF bought 347,692 SQ shares worth over $27 million. The performance of the ARKW fund has seen a 97.01% increase year-to-date. The price of SQ fell slightly by 0.44% on Monday, closing at $73.88. However, Block Inc stock price experienced a significant jump of 6.78% last week with potential for further growth.
Hot Take: Cathie Wood’s Moves in the Crypto Market
Cathie Wood’s Ark Invest has made strategic moves in the crypto market by selling off GBTC shares and purchasing SQ stocks. With the anticipation of a spot Bitcoin ETF approval by the US SEC, Ark Invest has chosen to reduce its exposure to GBTC. At the same time, it sees potential in Jack Dorsey’s Block Inc and continues to invest in its stocks. These moves reflect Cathie Wood’s dynamic approach to managing her firm’s crypto assets and staying ahead in the rapidly evolving crypto market.
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