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ARK Sells $28M Grayscale Bitcoin Trust Shares as Bitcoin Nears $43K
ARK offloaded $13M worth of GBTC shares last week.
Cathie Wood’s ARK Invest continued to trim its holdings of the Grayscale Bitcoin Trust (GBTC) as the discount to net asset value narrowed and bitcoin [BTC] neared $43,000.
A disclosure from ARK shows that ARK Next Generation Internet ETF (ARKW) sold 809,441 shares of GBTC for approximately $28 million.
STORY CONTINUES BELOW
The sale leaves the investment firm with 3.4 million GBTC shares ($117.4 million), down from a high of around 9 million shares in July 2021.
ARKW bought the GBTC shares at an average cost of $24.08, putting this sale in the black as GBTC is currently trading for $34.54.
Bitcoin is currently trading above $42,900, according to CoinDesk Indicies data, and is up 17% over the last 30 days.
ARK also bought $26 million worth of shares in Block (SQ), Jack Dorsey's fintech company formerly named Square. Block offers payments in crypto through its Cash App and earlier this month unveiled a new self-custody bitcoin wallet. SQ shares closed on Monday at $73.88, down 0.44% on the day.
UPDATE (Dec. 19, 10:17 UTC): Adds purchase of Block share in last paragraph.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
