Cathie Wood's Ark Invest sells $3.8 million GBTC, buys $5.6 million Block
Quick Take
- Ark Invest sold 139,506 GBTC shares on Monday, worth around $3.8 million.
- Ark also bought 113,326 shares of Block, Inc. ($5.6 million) across three of its funds, following Cash App’s reported 22% rise in Q3 bitcoin profits last week.
Cathie Wood’s Ark Invest sold another tranche of Grayscale Bitcoin Trust on Monday, offloading 139,506 GBTC shares ($3.8 million) from its ARK Next Generation Internet fund (ARKW).
Ark also bought 113,326 shares of Block, Inc. across three of its funds, worth around $5.6 million. The investment management firm added 70,022 Block, Inc. shares to its ARK Innovation ETF (ARKK), 26,345 to its ARKW fund and 16,959 to its Ark Fintech Innovation ETF (ARKF), according to the company’s latest trade filing.
GBTC currently trades at $26.95 in pre-market trading, up more than 30% over the past month, according to TradingView. GBTC’s discount to net asset value (NAV) — meaning how much lower the market price of each share is than the value of the bitcoin it represents — is trading below 15% for the first time since December 2021, according to The Block’s data dashboard.
This comes as the SEC decided not to appeal against the recent court ruling involving Grayscale's attempt to convert its flagship GBTC fund into a spot bitcoin ETF, with the SEC now re-reviewing the application. Ark has also filed for a spot bitcoin ETF approval with the SEC in collaboration with 21Shares.
Jack Dorsey’s Block, Inc. reported a 22% rise in bitcoin gross profit for Q3 last week, bringing in $45 million compared to $37 million during the same period in 2022. The growth was attributed to a rise in the average market price of bitcoin and an uptick in the volume of bitcoin sold to customers via its Cash App mobile payment service, according to the company’s shareholder letter. Block, Inc. (SQ) currently trades at $49.23 in pre-market trading, according to TradingView.
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Bitcoin is up 25% over the past month, according to The Block’s price data. The largest cryptocurrency by market cap is currently trading at around $35,000.
Ark sold nearly $10 million worth of GBTC and Coinbase shares in October amid the surge in bitcoin’s price.
Ark offloaded a further 26,275 GBTC shares ($740,000) on Nov. 7 from its ARKW fund.
Updated with additional sales of GBTC shares after the time of publication.
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