Source: Ark Invest
Ark Invest, led by Cathie Wood, has adjusted its portfolio by buying shares in Jack Dorsey’s Block Inc and selling portions of its Grayscale Bitcoin Trust holdings.
Ark’s purchase, involving its flagship ARK Innovation ETF, ARK Next Generation Internet ETF, and Ark Fintech Innovation ETF, purchased 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 Nov. 6.
Cathie Wood and Ark Invest’s trade activity from today 11/6 pic.twitter.com/7Fbc7i6SUs
— Ark Invest Daily (@ArkkDaily) November 7, 2023
Ark Invest Offloads Grayscale Bitcoin Trust Shares
On the same day, Ark Invest reduced its investment in the Grayscale Bitcoin Trust, offloading shares worth $3.76 million with Grayscale closed at $26.95. The sale is a continuation of a trend where Ark has been trimming its investments in cryptocurrency trusts.
On Oct. 23, Cathie Wood’s Ark Invest sold 100,739 Grayscale Bitcoin Trust shares with a worth of $2.5 million through ARK Next Generation Internet ETF.
Cathie Wood’s Confidence in Grayscale and Bitcoin
Cathie Wood expressed her confidence in Grayscale back in Nov. 2022 in a Bloomberg Television and Radio interview. “We know that the Grayscale Investment trusts are the most valuable part of that company right now, and they’re cash cows,” Wood said. “We think they’re going to try and hold onto that if nothing else.”
Ark Invest has been a perpetual bullish investor of bitcoin. In the Bloomberg interview, Wood insisted that the price of bitcoin will reach $1 million by 2030.
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