Originally published on: October 29, 2024
In a strategic move, ARK Invest has decided to cash out $31 million worth of shares in Jack Dorsey’s financial services firm Block as the crypto markets experience a surge.
On October 28, ARK sold 418,556 Block shares from two of its funds, marking a significant shift in its investment strategy. The ARK Innovation ETF offloaded 272,842 Block shares, while the ARK Next Generation Internet ETF sold 145,714 Block shares.
The timing of this sale coincides with Block’s stock price surge over the past month. With gains of nearly 13% since October 1, Block’s stock price surpassed $70 by October 10 and reached a high of $74.60 on October 17, approaching its year-to-date record of $85.70 set in March.
As Block’s stock price continues to rise, ARK has redirected its focus to its own spot Bitcoin ETF, the ARK 21Shares Bitcoin ETF. Buying 6,698 ARKB shares on October 28 at a closing price of $69.60, ARK has shown confidence in the potential of Bitcoin ETFs.
Unlike Block, which has maintained a steady price since early 2024, the ARK 21Shares Bitcoin ETF has witnessed a 39% increase in value year-to-date, according to TradingView data.
With Bitcoin surpassing $71,000 on October 28 and recording massive inflows into BTC ETFs, the crypto market is experiencing a notable uptrend. Currently trading at $70,980, Bitcoin is only 3.6% below its all-time high of $73,600 set on March 14.
This move by ARK Invest highlights the ever-evolving nature of the crypto investment landscape and the importance of strategic portfolio management in navigating the volatile market conditions. Subscribe to our Markets Outlook newsletter to stay updated on the latest crypto trends and investment opportunities.
