ARK Investment Sells 800,000 Grayscale Bitcoin Trust Shares: Cathie Wood’s Move Revealed

In an interesting move, Ark InvestA major competitor to US Bitcoin exchange-traded funds (ETFs) has made significant adjustments to its portfolio by selling a significant amount of Grayscale Bitcoin Trust (GBTC) shares while increasing its holdings in Jack Dorsey’s Block.

Grayscale Bitcoin Trust exits ARK investment

Recently, on December 18, ARK sold 809,441 shares of GBTC stock in the ARK Next Generation Internet ETF (ARKW), marking a notable sale worth $27.9 million based on the closing share price of $34.5. This strategic move appears likely to further reduce ARK’s exposure to GBTC, potentially forcing GBTC out of the top three holdings within the ARKW portfolio.

Evolving Portfolio: From GBTC to Blocks

ARK has been reducing its stake in GBTC while steadily accumulating shares in Block, a financial payment processing company co-founded by Jack Dorsey, co-founder of Twitter (now X). On the day of the recent GBTC sale, ARKW added 347,692 shares to the block worth $25.7 million based on the closing stock price. This accumulation moves Block closer to GBTC on ARKW’s top holdings list, where it now accounts for 6.83% of the fund’s assets.

Expanding Block’s Bitcoin Wallet Service

The move is consistent with Block’s expansion strategy, particularly the December 7 launch of Bitkey, a self-custodial Bitcoin wallet. Available as both a mobile application and hardware storage, Bitkey will serve users in 95 countries. Block has already secured significant global partnerships with Bitkey, including industry giants such as: coinbase And Cash App. This expansion represents Block’s commitment to providing a globally accessible and secure Bitcoin storage solution.