Cathie Wood, the founder of Ark Invest, is known for her bets in the crypto space, and on Monday, November 6, she made a significant change in her portfolio.
Ark Invest sold approximately $3.76 million worth of Grayscale Bitcoin Trust ETF (GBTC) shares through ARKW. The closing price of GBTC on Monday was $26.95.
In an interview, when Cathie Wood was asked if she preferred to hold an asset for 10 years, she immediately responded, ‘Absolutely Bitcoin.’
Ark Invest’s founder, Cathie Wood, is buying shares of Block Inc after selling a significant portion of Grayscale GBTC assets.
Ark Invest Sells GBTC Assets and Buys Shares
Cathie Wood, the founder of Ark Invest, is known for her bets in the crypto space, and on Monday, November 6, she made a significant change in her portfolio. The company made a substantial purchase of $5.6 million worth of shares of Block Inc, which is managed by Twitter’s founder, Jack Dorsey. This purchase came after Ark Invest sold a significant portion of its Grayscale GBTC assets.
On Monday, Ark Invest acquired a notable portion of Block shares, and the total value of this transaction, calculated at the closing price of $49.52 on that day, was approximately $5.61 million. This purchase aligns with Ark Invest’s investment philosophy, which often focuses on innovative companies with strong growth potential. Particularly, this acquisition came after Ark recently reduced its substantial positions in crypto-related assets.
As part of its investment strategy, Ark Invest sold approximately $3.76 million worth of Grayscale Bitcoin Trust ETF (GBTC) shares through ARKW. The closing price of GBTC on Monday was $26.95. In late October, Cathie Wood had divested about $2.5 million worth of GBTC shares despite expressing confidence in Grayscale Trust’s commitment to cold storage.
The GBTC share price increased by over 228%, closing the gap with the spot Bitcoin price this year. This happened after Grayscale won the case to convert its GBTC product into a spot Bitcoin ETF against the SEC. Cathie Wood has been making significant changes to Ark Invest’s portfolio. Earlier this year, the company sold millions of dollars’ worth of Coinbase (COIN) shares.
Cathie Wood Remains Bullish on Bitcoin
Despite a 70% increase in Bitcoin’s price this year, Cathie Wood remains bullish on Bitcoin. In an interview, when asked if she preferred to hold an asset for 10 years, she immediately responded, ‘Absolutely Bitcoin.’ She referred to cryptocurrency as ‘digital gold’ and emphasized that Bitcoin is immune to both inflation and deflation due to the lack of corporate participation, thereby eliminating counterparty risk. Wood expressed her preference for Bitcoin over traditional assets like gold or cash for future holdings. $BTC #ArkInvestment
