By Hassan Mehmood (Saudi Arabia)
Ark Invest asset management holds Grayscale Bitcoin Trust (GBTC) shares. The investment was ranked as one of the top three holdings of the firm. However, the firm has recently sold GBTC shares and invested in shares of Block.
The firm has also applied for a Bitcoin spot ETF with the Securities and Exchange Commission. However, the company has continued to sell GBTC shares as part of other portfolio changes.
As per the official filings, the firm sold around 809,441 GBTC shares that were added to the Ark Next Generation Internet ETF (ARKW). The closing price of the shares was recorded at $34.5 and the aggregated sales price was valued at $27.9 million as per TradingView statistics.
Regardless of the divestment, GBTC holdings still ranked as 3rd largest investment at ARKW comprised of 6.84% of the total asset allocations and a market cap of $117 billion.
Ark Invest’s Portfolio Changes
The firm has also invested in other blockchain-based services such as Coinbase and Roku accounting for 11% and 8% respectively. On the other hand, Ark Invest added Block shares in the stead of GBTC stock. It is a digital payments platform founded by Jack Dorsey.
Also read:ARKW accumulated 347692 Block shares valued at $25.7 million based on the closing share price. On this account, Block shares now account for the top 4 asset purchasing following the aggregate purchase.
Block to Launch Self-Custody Wallet
On this account, Block shares valuation now has an estimated valuation of $116.9 billion accounting for 6.83% of the total assets. On 7th December, Block launched the self-custody Bitcoin wallet Bitkey.
The wallet was introduced in two formats such as app and hardware storage. It is accessible to consumers in 95 nations around the world. Meanwhile, firms such as Coinbase and Cash App have added Bitkey support as a commercial addition.
Ark Invest also Sold Coinbase Shares
Ark Invest is making changes to Innovation ETF and Next Generation Internet ETF funds. As per the recent filings, the firm has sold 80,118 shares of Coinbase valued at $13.5 million based on the positive price movement of the stock during December.
Ark Invest has reportedly sold 68,769 COIN shares valued at $11.6 million out of Innovation ETF. At the same time, the asset management firm also sold 11,349 COIN shares from Next Generation Internet ETF valued at around $1.9 million.
The total Coinbase divestment at Ark Invest during December is around $210.5 million. The firm noted that the recent divestments are part of the plan for the firm to limit individual stock investments. The firm intends to retain each stock within 10% of the total portfolio.
It is important to note that Coinbase share price performance recorded a new ATH of $168.03 in 2023 following a 54% increase since November and 400% increase on YTD scale.
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