ARK Invest, a spot Bitcoin exchange-traded fund (ETF) contender in the United States, has sold another substantial quantity of Grayscale Bitcoin Trust (GBTC) shares, further depleting its cryptocurrency holdings.
Cointelegraph has obtained trade notification that ARK Next Generation Internet ETF (ARKW) sold 809,441 GBTC on December 18. According to data provided by TradingView, the valuation of the transaction is $27.9 million, which is dependent on the closing share price of $34.5.
ARK’s most recent divestment divests GBTC even more, bringing it one step closer to removing GBTC from ARKW’s top three holdings.
As of December 18, GBTC maintains its position as the third most valuable asset in the ARKW portfolio, comprising 6.84% of the total assets and valued at $117 billion. Roku, a streaming platform and cryptocurrency exchange Coinbase, which accounts for 8% of ARKW’s total assets, ranks above GBTC in the rankings.
ARK has continued to amass shares of Block (SQ), the financial payment processor co-founded by Twitter (now X) co-founder Jack Dorsey, despite selling GBTC.
ARKW allocated an additional 347,692 Block shares on December 18, valued at $25.7 million at the share price at the close. Amid aggressive purchasing, Block stock has been approaching GBTC on the list of the top four cryptocurrencies, attaining a market value of $116.9 billion and a weight of 6.83% of ARKW’s total assets.
Block introduced Bitkey, its proprietary self-custody Bitcoin wallet, on December 7. With hardware storage and mobile applications, the wallet will be accessible in more than 95 countries. Initiating its initial international collaborations are Coinbase and Cash App.
