Ark Invest, run by Cathie Wood, sold another chunk of its Grayscale Bitcoin Trust on Monday, selling 139,506 GBTC shares ($3.8 million) from its ARK Next Generation Internet fund (ARKW).
Ark also has approximately $5.6 million worth of Block, Inc. in three different funds. bought the shares. According to its latest filing, the investment management company invested 70,022 into the ARK Innovation ETF (ARKK) fund, 26,345 into the ARKW fund, and 16,959 into the Ark Fintech Innovation ETF (ARKF) fund. added the stock.
According to TradingView data, GBTC has gained more than 30% in the last month and is trading at $26.95 before the opening. GBTC’s premium against net asset value (NAV) increased for the first time since December 2021 fell below 15%.
Grayscale, which is trying to convert GBTC into an exchange-traded fund (ETF), won a legal victory against the SEC a few weeks ago. SEC rejected Grayscale’s application after the court decision to reevaluate took.
Ark sold a total of approximately $10 million worth of GBTC and Coinbase shares last month.
On the other hand, Block, Inc., run by Jack Dorsey, made gross profit from Bitcoin in the third quarter of this year. $45 million announced earnings. An increase of 22% compared to the same period last year is explained by the increase in the average market price of Bitcoin and the growth in the volume of Bitcoins sold through the Cash App application.