March 27, 2024
ARK Invest Reduces GBTC Holdings
Latest Cryptocurrency News

ARK Invest Continues GBTC Sell-Off Amid ETF Pursuit: $27.9 Million GBTC Shares Sold

ARK Invest, a contender seeking approval for a Bitcoin exchange-traded fund (ETF) in the US, has persisted in offloading its Grayscale Bitcoin Trust (GBTC) holdings, making another significant sale of shares. On Dec. 18, ARK sold 809,441 GBTC from its ARK Next Generation Internet ETF (ARKW). At the closing share price of $34.5, the sale amounted to $27.9 million, as per TradingView data.

This recent sell-off further diminishes ARK’s exposure to the Grayscale Bitcoin Trust, positioning GBTC closer to falling out of the top three holdings in ARKW.

As of Dec. 18, GBTC remains the third-largest asset in the ARKW portfolio, comprising 6.84% of total assets valued at $117 billion. GBTC trails behind crypto exchange Coinbase and streaming company Roku, which account for 11% and 8% of ARKW’s total assets, respectively. While shedding GBTC shares, ARK has continued to amass shares of Block, the financial payment processor that Twitter’s Jack Dorsey co-founded. On December 18, ARKW acquired 347,692 block shares valued at $25.7 million at the closing share price. With aggressive buying, Block stock has been inching closer to GBTC in the top four list, now constituting 6.83% of ARKW’s total assets valued at $116.9 billion.

On Dec. 7, Block introduced its self-custody Bitcoin wallet named Bitkey, available as a mobile app or hardware storage accessible in over 95 countries. Bitkey’s initial global partners include Coinbase and Cash App.

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