ARK Invest Sells GBTC Shares While Ramping up Block (SQ) Investments
Summary:
ARK Invest continues to decrease its stakes in the Grayscale Bitcoin Trust (GBTC), selling a significant amount of shares from its ARK Next Generation Internet ETF (ARKW). The recent divestiture places GBTC closer to falling out of ARKW's top three holdings. Meanwhile, ARK has consistently been purchasing shares of Block (SQ), the finance payment firm co-founded by Jack Dorsey.
ARK Invest, a significant player attempting to secure a position in the Bitcoin (BTC) exchange-traded fund (ETF) in the U.S, continues to offload its stake in the Grayscale Bitcoin Trust (GBTC) with the recent sale of a substantial amount of shares. Just on Dec. 18, ARK offloaded 809,441 GBTC shares from their ARK Next Generation Internet ETF (ARKW), as indicated by a transaction alert brought to light by Cointelegraph. Based on a closing share price of $34.5, this divestment amounts to roughly $27.9 million, as estimated by TradingView data. This latest move continues ARK's distancing from the Grayscale Bitcoin Trust, leading GBTC closer to being bumped from the top three positions of ARKW's holdings.
As of Dec. 18, GBTC remained the third largest asset in the ARKW portfolio, making up 6.84% of total assets with a market worth of $117 billion. GBTC trails behind only crypto trading platform Coinbase and streaming service provider Roku, which comprise 11% and 8% of ARKW’s total assets, respectively.
Despite reducing its GBTC holdings, ARK has kept up its buying spree of Block (SQ), the finance payment firm co-established by Jack Dorsey, the co-creator of Twitter (now named X).
Related to this, ARKW added another 347,692 Block shares, valued around $25.7 million at the closing share price, to its portfolio on Dec. 18. Amid active purchasing, Block's stock is inching closer to GBTC's position in the top-four list, reaching a stake of 6.83% of ARKW’s total assets with a market value of $116.9 billion.
To add more to this, Block launched its self-hosted Bitcoin wallet named Bitkey on Dec. 7. Available as a mobile app or hardware storage, it will be usable in over 95 countries, with Coinbase and Cash App as its initial worldwide partners.
Published At
12/19/2023 1:35:46 PM
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