- ARK still has 3.4 million GBTC shares worth $117.4M, down from 9 million in 2021
- ARKW bought the GBTC shares for $24.08 on average
- Currently, GBTC shares are trading for $34.54 each
As the discount to net asset value of Grayscale Bitcoin Trust (GBTC) shares continues to narrow, Cathie Wood’s ARK Invest offloaded more GBTC shares, CoinDesk reported. According to an announcement from ARK, ARK Next Generation Internet ETF (ARKW) sold 809,441 shares of GBTC for around $28 million.
After the sale, ARK still has 3.4 million GBTC shares worth $117.4 million. In the middle of 2021, the investment firm held nine million shares.
ARKW bought the GBTC shares for $24.08 on average. Currently, GBTC shares are trading for $34.54 each, making the sale quite profitable.
A pioneer
ARK Invest is also a pioneer in innovative financial instruments. In September, Bankless Times reported that the Chicago Board Options Exchange (CBOE) had filed two 19b-4 applications for a decision by the US SEC, marking the beginning of the race for the first spot Ethereum exchange-traded fund (ETF) in the US.
CBOE requested that ARK 21Shares Ethereum ETF investment products become available on its BZX Exchange. 21 Shares and ARK Invest joined forces to file an S-1 to the regulator.
ARK bought shares worth almost as much in Block
While selling Grayscale shares worth $28 million, ARK purchased $26 million worth of shares in Jack Dorsey’s Block. Apart from offering crypto payments through its Cash App, Block recently revealed a new self-custody Bitcoin wallet, Bitkey.
Bitkey enables customers to transact in Bitcoin via their smartphones. Their assets are in cold storage. The hardware storage device and the app account for two of the three keys used to secure the Bitcoin.
The third is stored on Bitkey's servers and is used to verify transactions that users make by phone, when they don't have the hardware device. It can also be used to recover a user’s wallet if he loses his device, phone, or both.
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