Cathie Wood-Led Ark Invest's Crypto Pivot? Buys $5.6M Worth Of Block Shares, Sells Up Grayscale Bitcoin Trust Holdings

On Monday, Cathie Wood-led Ark Invest made a significant move by purchasing $5.6 million worth of shares in Block Inc SQ, a company spearheaded by Twitter co-founder Jack Dorsey. The investment firm’s decision comes amidst a broader crypto market rally, signaling a strategic pivot in Ark Invest’s portfolio.

The Block Inc. Trade

On Monday, Ark purchased Block shares through its flagship ARK Innovation ETF ARKK as well as ARK Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF. The transaction involved buying 113326 shares. It was valued at $5.61 million, based on Block’s closing price of $49.52 on the day.

Ark Invest’s acquisition of Block shares aligns with Wood’s investment philosophy, which often focuses on innovative companies poised for growth. This move is particularly noteworthy as it follows Ark’s recent sales of significant positions in cryptocurrency-related assets.

The Grayscale Bitcoin Trust Trade
On the flip side of its investment strategy, Ark Invest sold $3.76 million worth of Grayscale Bitcoin Trust ETF GBTC shares throw ARKW. On Monday, GBTC closed at $26.95. Late in October, Wood had dumped $2.5 million worth of GBTC shares amid a rally in Bitcoin BTC/USD. This is despite, Wood expressing confidence in Grayscale due to Trust’s commitment to cold storage.

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