Cathie Wood Dumps Over $6M Grayscale Bitcoin Fund This Week As Bitcoin Rallies About 14%, While Amassing $12.4M Worth Of This Crypto-linked Stock

Ark Invest sold more Grayscale Bitcoin Trust GBTC units on Friday, as the fund recovered this week amid a rally in its underlying asset Bitcoin BTC/USD.

What Happened: On Friday, the Cathie Wood-led firm’s Ark Next Generation Internet ETF ARKW sold 66,342 units of GBTC, valued at $1.66 million based on its closing price of $25.07. The firm was a seller of GBTC in three sessions this week.

The cumulative value of GBTC units Ark sold this week amounted to about $6.05 million. Bitcoin was on a tear this week on hopes of regulatory approval of a spot Bitcoin ETF. The apex crypto has gained about 13.7% since last Saturday.

See Also: How To Buy Bitcoin (BTC)

Bulking Up On Block. Ark, meanwhile, added to its position in Block, Inc. SQ, a Jack Dorsey-company with exposure to Bitcoin. Users of Block’s Cash App can buy, sell, send and receive Bitcoin. 

Ark through ARKW, Ark Innovation ETF ARKK and Ark Fintech Innovation ETF ARKF bought 310,100 shares of Block valued at $12.4 million.

Ark’s flagship ETF, ARKK, closed Friday’s session down 1.90% at $34.10, according to Benzinga Pro data.

Read Next: Cathie Wood’s Ark Stays Bullish On Tesla Despite Short-Term ‘Growing Pains’ As EV Maker ‘Years Ahead’ Of Rivals

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