Cathie Wood’s Ark Invest Continues to Sell Grayscale Bitcoin Trust Holdings, Buys Block’s Shares
Cathie Wood, the CEO of Ark Invest, a leading equity research and investment firm, recently continued to sell its Grayscale Bitcoin Trust holdings as part of an active effort to rebalance the company’s portfolio.
At the same time, Ark Invest also acquired significant amounts of shares of Block.one, a crypto company with a focus on developments on the EOS.IO blockchain.
Ark Invest’s holdings of Grayscale Bitcoin Trust have been on a downward trajectory for the past few months. The company sold 373,652 shares of GBTC last month for total proceeds of $162,911 , before selling another 295,971 shares for total proceeds of $129,345, so far in March.
In addition, according to recent reports, the company purchased 260,805 shares of Block.one worth a total of $6,785,243 in January 2021. It is not clear why the company purchased this stake in Block.one but it could be related to its focus on developments on the EOS.IO blockchain.
Blockchain technology holds immense potential in terms of its ability to make secure and efficient digital transactions. Companies like Block.one have been Commonwealths leaders in blockchain related development and have adopted major blockchain technologies such as EOS.IO.
It appears that Cathie Wood is investing in companies that are focused on developments related to blockchain technology, most likely to benefit from innovations in this space. While she is selling her Grayscale holdings, she is reinvesting the proceeds into companies that are actively developing the technology.