Cathie Wood’s investment firm Ark Invest has offloaded its holdings in the Grayscale Bitcoin Trust (GBTC) on Monday, signaling the firm’s largest GBTC share sale to date. This move comes amidst growing speculation of an imminent U.S. SEC approval for a spot Bitcoin ETF. Concurrently, Ark Invest also purchased additional shares of Jack Dorsey’s Block Inc (SQ).
On December 18, Cathie Wood’s ARK Next Generation Internet ETF sold approximately 809,441 GBTC shares worth around $28 million. This sale is part of Ark Invest’s liquidation strategy that started on October 23, amidst January speculation of the SEC creating a spot Bitcoin ETF. The recent sale marks one of the largest in recent years.
In the past week, ARK Next Generation Internet ETF (ARKW) transferred 12,000 GBTC shares valued at $420,000 on December 15, and 45,864 GBTC shares on December 13. On December 11, ARKW sold 395,945 GBTC shares worth $13 million. GBTC’s price closed at $34.54 on Monday, up by 1.29%.
GBTC’s price reached a 52-week high of $36.23 last week, marking a 334% increase. While Ark Invest continues to sell Coinbase shares, the firm has repurchased shares of Jack Dorsey’s Block Inc (SQ). On December 18, ARKW bought 347,692 Block Inc shares valued at over $27 million. ARKW’s fund performance has increased by 97.01% since the beginning of the year.
Block Inc’s (SQ) stock price fell by 0.44% to close at $73.88 on Monday, despite showing a 6.78% increase last week, indicating a potential for continued growth. The stock’s recent performance suggests an optimistic outlook for the company’s future.
