Ark Invest’s chief Cathie Wood is popular for her bets in the crypto space, and she’s done a major rejig to her portfolio on Monday, November 6. The company purchased a significant $5.6 million worth of shares of Block Inc, a company led by Twitter founder Jack Dorsey. The purchase comes after Ark Invest dumping a large part of its Grayscale GBTC holdings. Cathie Wood Bets on Block Inc, Dumps Grayscale GBTC On Monday, Ark Invest made a notable purchase of Block shares, acquiring 113,326 shares through its flagship ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF). The total value of this transaction was approximately $5.61 million, calculated based on Block’s closing price of $49.52 on that day. This acquisition aligns with Ark Invest’s investment philosophy, which often focuses on innovative companies with strong growth potential. Notably, it comes on the heels of Ark’s recent divestment from significant positions in cryptocurrency-related assets. Conversely, as part of its investment strategy, Ark Invest sold approximately $3.76 million worth of shares in the Grayscale Bitcoin Trust ETF (GBTC) through ARKW. On Monday, GBTC’s closing price was $26.95. In late October, Ark Invest had already divested about $2.5 million worth of GBTC shares, despite Cathie Wood expressing confidence in Grayscale Trust’s commitment to cold storage. The GBTC share price has rallied more than 228% this year closing its discount gap with the spot Bitcoin price. this happened as Grayscale won the case against the SEC in converting the GBTC product to a spot Bitcoin ETF. Cathie Wood’s Ark Invest has been making major changes to its portfolio. Earlier this year, the company dumped millions of dollars of its Coinbase (COIN) stock. Cathie Wood Remains Bullish About Bitcoin Despite the 70% surge in the Bitcoin price this year, Cathie Wood continues to remain bullish on Bitcoin. During an interview, Cathie Wood was questioned about her preference for holding an asset over a 10-year period. Without hesitation, she promptly answered, “Bitcoin, hands down.” She referred to the cryptocurrency as “digital gold” and highlighted that Bitcoin is immune to both inflation and deflation due to the absence of institutional involvement, thereby eliminating counterparty risk. Wood expressed her preference for Bitcoin as a long-term asset, favoring it over traditional assets like gold or cash for her future holdings. The post Cathie Woods’ Ark Invest Buys Block Inc. Shares But Dumps Grayscale’s GBTC appeared first on CoinGape.
Cathie Woods’ Ark Invest Buys Block Inc. Shares But Dumps Grayscale’s GBTC
