It has been just revealed the fact that Cathie Wood’s Ark Invest managed to see $3.8 million GBTC and they bought $5.6 million Block.

Ark Invest makes massive moves

Ark Invest, managed by Cathie Wood, recently made some changes to its investment portfolio.

On Monday, the firm sold 139,506 shares of Grayscale Bitcoin Trust (GBTC) worth $3.8 million from its ARK Next Generation Internet fund (ARKW).

At the same time, Ark purchased 113,326 shares of Block, Inc. for around $5.6 million across three of its funds.

The company added 70,022 shares to its ARK Innovation ETF (ARKK), 26,345 shares to its ARKW fund, and 16,959 shares to its Ark Fintech Innovation ETF (ARKF). These details were reported in the company’s latest trade filing.

According to TradingView, GBTC is currently trading at $26.95 in pre-market trading, which is more than 30% higher than its value over the past month.

The Block’s data dashboard shows that GBTC’s discount to net asset value (NAV), which represents the difference between the market price of each share and the value of the Bitcoin it represents, is currently below 15%. This is the first time it has been this low since December 2021.

The SEC has decided not to appeal the recent Grayscale ruling regarding Grayscale’s attempt to convert its flagship GBTC fund into a spot Bitcoin ETF.

The SEC is now re-reviewing the application. Additionally, Ark and 21Shares have collaborated and filed for approval of a spot Bitcoin ETF with the SEC.

Last week, Block, Inc., led by Jack Dorsey, reported a 22% increase in Bitcoin gross profit for Q3.

The company earned $45 million compared to $37 million during the same period in 2020.

The growth was attributed to the rise in the average market price of Bitcoin and an increase in the volume of Bitcoin sold to customers through its Cash App mobile payment service, as stated in the company’s shareholder letter.

According to TradingView, Block, Inc. (SQ) is currently trading at $49.23 in pre-market trading.

According to The Block’s price data, Bitcoin has risen 25% over the past month. The largest cryptocurrency by market cap is currently trading at around $35,000.

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