Ark Invest Sells Off Coinbase (COIN) and GBTC, Grows Stake in Block

5:04 pm
December 21, 2023
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Amid a recent sell-off, Ark Invest, headed by Cathie Wood, has made strategic moves in its portfolio, including selling off holdings in Coinbase Global Inc (NASDAQ: COIN) and Grayscale Bitcoin Trust (GBTC) while increasing investments in Jack Dorsey’s Block Inc.

Ark Invest has recently acquired 158,334 shares ($12.1 million) in Block Inc for its Next Generation Internet ETF, making strategic adjustments to its portfolio alongside the selling off of its holdings in COIN and GBTC.

Ark Invest Coinbase Sell-Off

Ark Invest has decided to trim its holdings in Coinbase in response to the recent surge in COIN’s price. The company sold additional tranches of Coinbase shares, offloading a total of 149,780 COIN ($24.2 million) from two of its funds as the stock reached new yearly highs.

These strategic adjustments come after the surge in Coinbase’s performance, with shares increasing by 60% over the past month and a staggering 344% jump year-to-date, although remaining over 50% below its all-time high set in November 2021, according to TradingView. Ark Invest’s recent moves also extended to Grayscale Bitcoin Trust (GBTC), where the firm sold 398,383 GBTC shares ($14.3 million) from its Next Generation Internet fund.

Ark Invest Increases Stake in Block

Aside from the sell-off, Ark Invest has strategically acquired 158,334 shares ($12.1 million) in Jack Dorsey’s Block Inc (NYSE: SQ) for its Next Generation Internet ETF. Block shares closed at $76.11, registering a 1.6% daily decrease but reflecting a 31% increase over the past month and a 15% rise year-to-date, suggesting a strong vote of confidence in the company’s growth potential.

This move demonstrates Ark’s dynamic approach to capturing opportunities in the evolving crypto landscape while effectively managing risks.

FAQs

What is Ark Invest’s recent move in its portfolio?

Ark Invest has trimmed its holdings in Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) while increasing its stake in Jack Dorsey’s Block Inc.

Why did Ark Invest sell off Coinbase shares?

Ark Invest made the decision to sell off Coinbase shares in response to the recent surge in COIN’s price and as part of its efforts to rebalance fund weightings.

What is the significance of Ark Invest’s increased stake in Block?

Ark Invest’s increased investment in Block reflects its confidence in the company’s growth potential, especially after Block reported a 22% rise in Bitcoin gross profit for Q3.


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