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ARK Sells $28M Grayscale Bitcoin Trust Shares as Bitcoin Nears $43K
ARK offloaded $13M worth of GBTC shares last week.
Updated Mar 8, 2024, 6:50 p.m. Published Dec 19, 2023, 8:18 a.m.
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.
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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.
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