Following the discount to net asset value decreasing and bitcoin (BTC) getting closer to $43,000, Cathie Wood’s ARK Invest kept reducing the amount of the Grayscale Bitcoin Trust (GBTC) that it owned.
ARK Next Generation Internet ETF (ARKW) sold 809,441 shares of GBTC for about $28 million, according to ARK’s disclosure. After the sale, the investment company now owns 3.4 million GBTC shares, valued at $177.4 million; in July 2021, this amount was approximately 9 million shares.
Given that GBTC is currently trading for $34.54, ARKW made a profit on this sale by purchasing the shares at an average cost of $24.08. Based on recent data, the price of bitcoin is currently above $42,900, up 17% over the last 30days.
Additionally, ARK invested $26 million in shares of Jack Dorsey’s fintech startup, Block (SQ), formerly known as Square. Block debuted a new self-custody bitcoin wallet earlier this month and allows cryptocurrency payments through its Cash App. SQ’s closing price on Monday was $73.88, a daily decrease of 0.44%.