Cathie Wood's Ark Invest Buys Block And Dumps GBTC Shares Amid Bitcoin, Ethereum Rally
Portfolio Pulse from Benzinga Neuro
Ark Invest, led by Cathie Wood, sold shares of Block Inc (SQ) and Grayscale Bitcoin Trust (GBTC) totaling over $53.6 million. The sales occurred as Bitcoin and Ethereum experienced price rallies. Ark sold 347,692 shares of Block through ARK Next Generation Internet ETF (ARKW), valued at $25.7 million, and 809,441 GBTC units through ARKW, valued at $27.95 million. The sales follow Wood's criticism of a short report on Block and her comments on the potential threat to GBTC's market dominance from a U.S. Bitcoin ETF. Ark is also awaiting SEC approval for its own Bitcoin ETF. Additionally, Ark Invest bought shares of Pinterest Inc (PINS), signaling increased interest in the social media company.
December 19, 2023 | 3:32 am
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NEGATIVE IMPACT
Ark Invest sold 809,441 GBTC units valued at $27.95 million through ARKW. GBTC closed 1.29% higher on the day of the sale.
Ark's continued divestment from GBTC, even as it awaits SEC approval for its own Bitcoin ETF, could suggest a strategic reallocation or concerns about GBTC's future, potentially affecting its short-term market performance.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 80
NEGATIVE IMPACT
Ark Invest sold 347,692 shares of Block Inc valued at $25.7 million through ARKW. Block's stock closed 0.4% lower on the day of the sale.
The sale of a significant amount of Block shares by a prominent investment firm like Ark Invest could signal a lack of confidence or a strategic shift, potentially influencing other investors' perceptions and leading to short-term price declines.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Invest increased its stake in Pinterest Inc, buying shares across multiple funds, indicating a positive outlook on the company.
Ark Invest's purchase of Pinterest shares reflects a bullish stance on the company's future, which could inspire investor confidence and lead to a short-term uptick in PINS stock price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70