Cathie Wood’s ARK will drop 800K Grayscale Bitcoin Trust shares
ARK Invest, one of the leading providers of BTC exchange-traded funds (ETFs) in the United States, continues another significant share sale of Grayscale Bitcoin Trust (GBTC) stock. .
On December 18, ARK sold 809,441 GBTC from the ARK Next Generation Internet ETF (ARKW), according to a trade announcement by Cointelegraph. Based on a closing share price of $34.5, the sale was valued at $27.9 million, according to data from TradingView.
This latest move further reduces ARK's exposure to the grayscale Bitcoin Trust, with GBTC set to drop from ARKW's list of top three holdings.
As of December 18, GBTC is still the third largest asset in ARKW's portfolio, accounting for 6.84% of total assets with a market value of $117 billion. GBTC ranks below crypto exchange Coinbase and streaming company Roku, which account for 11% and 8% of ARKW's total assets, respectively.
While shedding GBTC, ARK continues to accumulate shares of Block, a financial payment processor founded by Twitter (now X) co-founder Jack Dorsey.
Related: BlackRock, ARK Review Bitcoin ETF Plans Against SEC Cash-Only Model
On December 18, ARKW allotted another 347,692 block shares at a closing share price of $25.7 million. Amid heavy buying, block stock is approaching GBTC with a 6.83% weighting of ARKW's total assets at a market cap of $116.9 billion.
On December 7, Block launched its own Bitcoin wallet called Bitkey. The wallet is available as a mobile app or hardware store and is accessible in over 95 countries. The first global partners for Bitkey include Coinbase and the Cash app.
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