ARK Invest, a prominent applicant for a Bitcoin spot exchange-traded fund (ETF) in the United States, continues its trend of offloading Grayscale Bitcoin Trust (GBTC) shares, marking another substantial divestment from the asset.
On December 18, ARK executed the sale of 809,441 GBTC shares from its ARK Next Generation Internet ETF (ARKW). At a closing price of $34.50, this sell-off amounted to $27.9 million, based on TradingView data.
This recent move highlights ARK's ongoing reduction in exposure to the Grayscale Bitcoin Trust, inching closer to the point where GBTC might no longer feature among the top three holdings in ARKW's portfolio.
As of December 18, GBTC remains the third largest asset in ARKW's holdings, representing 6.84% of total assets and valued at $117 billion in market capitalization. GBTC ranks behind cryptocurrency exchange Coinbase and streaming platform Roku, accounting for 11% and 8% of ARKW's overall assets, respectively. While divesting from GBTC, ARK is increasing its position in Block, the financial payments processor co-founded by Jack Dorsey, the co-founder of Twitter (now X). On the same day, ARKW added 347,692 Block shares valued at $25.7 million based on closing prices. With robust purchasing, Block's stock is gradually closing in on GBTC among the top four holdings, making up 6.83% of ARKW's total assets and boasting a market capitalization of $116.9 billion.
On December 7, Block unveiled its self-hosted Bitcoin wallet named Bitkey. This wallet is accessible as a mobile app or through hardware storage and is accessible in over 95 countries. Bitkey's initial global partners include Coinbase and Cash App, emphasizing its global accessibility and convenience for users seeking secure Bitcoin storage solutions.
