ARK Invest’s Cathie Wood sells $28 million worth of GBTC bitcoin trust shares
Meanwhile, the company continues to accumulate shares in Block, a firm owned by Twitter co-founder Jack Dorsey
19.12.2023 - 14:37
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What’s new? ARK Invest, an investment company led by Cathie Wood, has sold another batch of shares of the Grayscale Bitcoin Trust (GBTC), Cointelegraph reports. Thus, on December 18, the ARK Next Generation Internet ETF (ARKW) sold 809 441 GBTC for $27,9 million. As of December 18, GBTC remains the third largest asset in ARKW’s portfolio, representing 6,84% of total assets with a market value of $117 billion.
What else is known? The leaders in ARKW’s portfolio are shares of crypto exchange Coinbase (COIN) and streaming company Roku (ROKU) with stakes of 11% and 8%, respectively. At the same time, ARK Invest is also actively selling COIN: last week the volume of trades with the company’s securities exceeded $59 million. Since the beginning of December, the company’s profit from selling shares of the exchange exceeded $110 million. COIN has grown by 320,5% since the beginning of the year.
ARK Invest has sold $39 million worth of Coinbase shares and GBTC shares since the beginning of the week
COIN rose to a 20-month high, and GBTC has added 327% since the beginning of the year
In June, ARK exchange-traded funds bought $20 million worth of shares in Block, a payments firm owned by Twitter co-founder Jack Dorsey. On December 18, ARKW bought another 347 692 shares of Block worth $25,7 million at the closing price. The Block shares reached a stake of 6,83% of ARKW’s total assets.
The value of GBTC shares has surged by 320,1% since the start of the year as investors expect the trust to be allowed by US regulators to convert to a spot exchange-traded fund (ETF) soon. The shares are currently traded over-the-counter (OTC) and cannot be redeemed.
Some analysts believe that spot BTC ETFs will launch early next year, will attract many retail investors, and will seriously compete with exchanges due to lower transaction fees.
ARK Invest is also awaiting approval from the authorities to launch a BTC ETF in conjunction with 21Shares. A day earlier, the product under the ticker ARKB was assigned a code number in the database of the Depository Trust and Clearing Corporation (DTCC), which handles transactions for the Nasdaq stock exchange.
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