ARK Invest Continues to Sell Grayscale Bitcoin Trust Stock
ARK Invest, one of the applicants for a Bitcoin exchange-traded fund (ETF) in the US, has sold a significant amount of shares from its holdings of Grayscale Bitcoin Trust (GBTC) stock. The latest divestment reduces ARK’s exposure to GBTC, bringing it closer to dropping out of the top three holdings in its portfolio.
Block Shares Accumulated as GBTC is Shed
While selling off GBTC shares, ARK has been accumulating shares of Block, a financial payment processor co-founded by Twitter co-founder Jack Dorsey. Block’s stock has been steadily increasing in weight within ARK’s portfolio and is now approaching GBTC on the top four list.
Block Launches Bitkey Bitcoin Wallet
On December 7, Block launched its own self-custody Bitcoin wallet called Bitkey. The wallet is available as a mobile application or hardware storage and will be accessible in over 95 countries. Coinbase and Cash App are among the first global partners for Bitkey.
Hot Take: ARK Invest Shifts Portfolio Towards Block
ARK Invest continues to adjust its portfolio by reducing exposure to Grayscale Bitcoin Trust (GBTC) stock and increasing holdings in Block. This strategic move suggests that ARK sees potential in Block’s financial payment processing capabilities and believes it could outperform GBTC in the future. With the launch of its Bitkey Bitcoin wallet, Block aims to further establish itself as a key player in the cryptocurrency industry. As ARK Invest realigns its holdings, it will be interesting to see how this shift impacts their overall investment strategy and performance.
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