Benzinga - On Monday, Cathie Wood-led Ark Invest made significant trades, notably buying shares of Block Inc (NYSE:SQ) and selling Grayscale Bitcoin Trust (OTC:GBTC) units. This move comes amid recent appreciation in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) prices. The rise in cryptocurrency prices took place after BlackRock filed an amendment with the Securities and Exchange Commission for its spot Bitcoin ET
The Block Inc. Trade
Ark Invest’s decision to buy a substantial amount of shares in Block, a company led by Jack Dorsey, was particularly noteworthy. This move followed Wood’s vocal criticism of a “wildly misleading” short report on Block by Hindenburg Research.
On Monday, Ark purchased 347,692 shares of Block, a provider of financial services and digital payments, through ARK Next Generation Internet ETF (NYSE:ARKW). The transaction was valued at $25.7 million. Block shares closed 0.4% lower at $73.88 for the day.
See Also: Cathie Wood’s Ark Invest Doubles Down On Palantir Amid Correction
The Grayscale Bitcoin Trust Trade
On the same day, Ark also sold 809,441 GBTC units. The trade was made through ARKW and valued at $27.95 million. GBTC closed 1.29% higher at $34.54 on Monday. Last week, Wood dumped millions of dollars worth of GBTC units as the crypto rally lost some of its mojo. She has previously suggested that GBTC’s dominance in the crypto market could come under threat by the approval of a U.S. Bitcoin ETF. It should be noted that Ark itself is awaiting the SEC’s approval to launch a Bitcoin ETF.
Other Key Trades:
- Ark Invest also adjusted its position in Pinterest Inc (NYSE:PINS), buying shares across multiple funds, indicating a growing interest in the social media company.
Read Next: Early Believer In Tesla And Nvidia, Cathie Wood And Her Firm Changed Modern Investing
Editor’s Note: This report was updated to correct an error pertaining to the Block Inc. transaction.
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