ARK Investment Sells 800K Grayscale Bitcoin Trust Shares: Cathie Wood’s Move Unveiled

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In an intriguing move, ARK Invest, a major contender for a Bitcoin exchange-traded fund (ETF) in the US, has made significant adjustments to its portfolio by shedding a substantial number of Grayscale Bitcoin Trust (GBTC) shares while amplifying its holdings in Jack Dorsey’s Block.

ARK Investment Exit From Grayscale Bitcoin Trust

Recently, on December 18, ARK executed the sale of 809,441 GBTC shares from its ARK Next Generation Internet ETF (ARKW), marking a notable divestment valued at $27.9 million based on the closing share price of $34.5. This strategic move seems to further diminish ARK’s exposure to GBTC, potentially positioning GBTC to slip out of the top three holdings within ARKW’s portfolio.

Evolving Portfolios: From GBTC to Block

While reducing its stake in GBTC, ARK has been steadily accumulating shares of Block, a financial payment processor co-founded by Jack Dorsey, the co-founder of Twitter (now X). In a recent development, on the same day as the GBTC sale, ARKW added 347,692 Block shares, valued at $25.7 million based on the closing share price. This accumulation has pushed Block closer to GBTC in ARKW’s top holdings list, now accounting for 6.83% of the fund’s assets.

Block’s Expansion into Bitcoin Wallet Services

The move coincides with Block’s expansion strategy, particularly the launch of its proprietary self-custody Bitcoin wallet, Bitkey, on December 7. Bitkey, available as both a mobile application and hardware storage, is set to cater to users across 95 countries. Block has already garnered significant global partnerships for Bitkey, including industry giants like Coinbase and Cash App. This expansion signals Block’s commitment to offering accessible and secure Bitcoin storage solutions worldwide.

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