ARK Invest Sells 809,441 GBTC Shares
ARK Invest recently sold 809,441 Grayscale Bitcoin Trust (GBTC) shares for around $28 million, the largest sale in years. Despite the sale, the investment firm still holds 3.4 million GBTC shares, worth around $117 million, a significant drop from the 9 million shares it held in July 2021.
ARK Profits From GBTC Shares
ARK purchased the shares at an average cost of $24.08 and saw a 43% profit as GBTC currently trades at $34.54. The discount of GBTC to Bitcoin’s net asset value has narrowed significantly, as Bitcoin has been trading above $43,000 and recently hit a 52-week high of $36.23.
ARK Sells GBTC and COIN Shares
ARK Invest started selling GBTC shares on October 23 amid speculation around the approval of spot Bitcoin ETFs by the SEC. In December, ARK sold GBTC shares four times and has been cashing in on Coinbase shares, selling $42.6 million worth. Amid the selloffs, ARK has been buying shares in Jack Dorsey’s fintech firm, Block.
Hot Take
ARK Invest is making significant moves in its portfolio by selling its GBTC and COIN shares and investing in the shares of Square (Block).
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
