Ark Invest, led by Cathie Wood, recently made some adjustments to its portfolio by purchasing shares in Jack Dorsey’s Block Inc and selling portions of its Grayscale Bitcoin Trust holdings. These transactions were made through Ark’s flagship ARK Innovation ETF, ARK Next Generation Internet ETF, and Ark Fintech Innovation ETF.
Buying Block Inc Shares
In the purchase, Ark Invest bought 113,326 shares of Block Inc. with a worth of $5.61 million. The transaction was based on Block’s closing price of $49.52 on November 6.
Selling Grayscale Bitcoin Trust Holdings
On the same day, Ark Invest reduced its investment in the Grayscale Bitcoin Trust, selling shares worth $3.76 million. The sale is part of a trend where Ark has been trimming its investments in cryptocurrency trusts. This follows a previous sale on October 23, where Ark Invest sold 100,739 Grayscale Bitcoin Trust shares worth $2.5 million through ARK Next Generation Internet ETF.
“We know that the Grayscale Investment trusts are the most valuable part of that company right now, and they’re cash cows,” said Cathie Wood in a Bloomberg Television and Radio interview.
Despite the reduction in its investment, Cathie Wood expressed confidence in Grayscale back in November 2022, stating that she believes they will hold onto their position in the company. Ark Invest has been a bullish investor in bitcoin, with Wood predicting that the price of bitcoin will reach $1 million by 2030.
