Cathie Wood’s Ark Invest Sells $28M GBTC As ETF Approval Nears, Buys Jack Dorsey’s SQ

Bitcoin bull Cathie Wood’s asset management firm Ark Invest offloaded holdings in Grayscale Bitcoin Trust (GBTC) again on Monday. This marks the largest amount of GBTC shares selloff by Ark Invest, coming at a time when a spot Bitcoin ETF approval by the U.S. SEC is almost here. Also, Ark Invest purchased additional shares of Jack Dorsey’s Block Inc (SQ) stocks.

Cathie Wood’s Ark Invest Sells Massive GBTC Holdings

On December 18, Cathie Wood’s Ark Invest sold 809,441 Grayscale Bitcoin Trust (GBTC) shares worth nearly $28 million from ARK Next Generation Internet ETF, as per the transaction seen by CoinGape.

The move comes as Ark Invest started offloading holdings in Grayscale Bitcoin Trust (GBTC) on October 23 amid growing speculation of a spot Bitcoin ETF by the US SEC in early January. The latest selling marks the largest selloff in the last few years.

Last week, ARK Next Generation Internet ETF (ARKW) offloaded 12,000 Grayscale Bitcoin Trust shares worth $420,000 on Dec 15, offloaded 45,864 GBTC shares worth $1.6 million on Dec 13, and 395,945 GBTC shares worth $13 million on Dec 11.

GBTC price closed 1.29% higher at $34.54 on Monday. The price hit a new 52-week high of $36.23 last week, extending the YTD rally to 334%.

Also Read: 7RCC Files First ESG-Focused Spot Bitcoin ETF With Gemini As Custodian

Ark Fund Buys Block Inc (SQ) Shares

While Coinbase shares remain on the selloff list of Ark Invest, Cathie Wood has again purchased Jack Dorsey’s Block Inc (SQ) stocks. Ark Invest added SQ shares last time in early November.

On Dec 18, ARK Next Generation Internet ETF (ARKW) bought 347,692 Block Inc (SQ) shares valued at over $27 million. ARKW fund’s performance has jumped 97.01% year-to-date.

SQ price fell 0.44% on Monday, closing at $73.88. Block Inc stock price jumped 6.78% last week with a potential to continue moving higher.

Also Read: BTC Price Jumps 5% As BlackRock, WisdomTree Updated Spot Bitcoin ETF Filing

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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