Cathie Wood Buys $5.6M Worth Block Shares Post Dumping GBTC

• Among the major shareholders of GBTC, Ark Invest ranks in second place.
• This is the second time in recent weeks that Ark Invest has sold Grayscale shares.

Ark Invest, led by Cathie Wood, has dumped Grayscale Trust (GBTC) shares again, this time for around $3.8 million, and acquired Block shares for about $5.6 million.

Recent transactions reveal that ARK Innovation ETF (ARKK), ARK Next Generation Internet Fund (ARKW), and Ark Fintech Innovation ETF (ARKF) together bought 113,326 shares of Block, Inc. while selling 139,506 shares of GBTC.

After the price of Bitcoin skyrocketed on October 24, Ark Invest unloaded roughly $5.8 million in Coinbase and GBTC shares. This is the second time in recent weeks that Ark Invest has sold Grayscale shares. The current price of GBTC per share is $27.31, up 1.35%.

Among the major shareholders of GBTC, Ark Invest ranks in second place. Also, it’s the second-biggest shareholder in Coinbase, the largest cryptocurrency exchange in the United States.

Banking on Block and Bitcoin

Former Twitter CEO Jack Dorsey started the Bitcoin-centric payments firm Block. The corporation was originally known as Square and owns the famous smartphone software, Cash app, which can be used for buying and trading Bitcoin.

Block posted third-quarter profits last week that were better than anticipated, with net sales of $5.62 billion, up 24% year over year. Among the many prominent investing businesses waiting for spot Bitcoin ETF clearance from the Securities and Exchange Commission is Ark Invest. The ETF application for Ark21Shares was submitted in June 2021 and was denied.

Moreover, Cathie Wood has said that bitcoin (BTC) has promise in both inflationary and deflationary settings. Wood made an appearance last week on Bloomberg podcast host Merryn Somerset Webb’s show, where she made the case that bitcoin’s decentralized nature and the visibility of all transactions render them immune to counterparty risk. She made the connection between this and the financial system’s secretive inner workings.

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