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Cathie Wood’s ARK Invest bought 347,692 shares of Block for $25.7 million while offloading 809,441 GBTC shares worth about $27.95 million. 
On Dec. 18, <a href="https://crypto.news/tag/ark/">ARK Invest</a>, led by Cathie Wood, bought $25.7 million in Block Inc (SQ) stock after the publicly traded firm’s shares reached a 4-month peak in a move analysts connect to the recent uptick in Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) price. 
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 Cathie Wood and Ark Invest's trade activity from today 12/18 <a href="https://t.co/Nx06hSyRYQ" target="_blank">pic.twitter.com/Nx06hSyRYQ</a>— Ark Invest Daily (@ArkkDaily) <a href="https://twitter.com/ArkkDaily/status/1736914778423959615?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 19, 2023</a>
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The purchase involved a total of 347,692 Block shares, a provider of financial services and digital payments, through ARK Next Generation Internet ETF (ARKW). 
During the trading day, Block shares reached a high of $74.77 but eventually settled at <a href="https://finance.yahoo.com/quote/SQ/" target="_blank" rel="noopener">$73.88</a>, marking a slight decline of 0.44%. 
 You might also like: <a href="https://crypto.news/sec-ark-investment-btc-etf-final-deadline-approaches/"> SEC in decision hot seat as Ark Investment BTC ETF final deadline approaches </a> 
On the same day, Ark also offloaded around 809,441 <a href="https://crypto.news/tag/grayscale/">Grayscale </a>Bitcoin Trust (<a href="https://crypto.news/tag/gbtc/">GBTC</a>) shares worth $27.6 million from the same ARKW ETF, the biggest sale in more than a year. 
GBTC traded for<a href="https://finance.yahoo.com/quote/GBTC/" target="_blank" rel="noopener"> $34.54</a> at market close on Monday as Ark capitalized on recent gains. However, GBTC shares are currently trading 39% lower than their peak of $56.70 in February 2021. 
The recent transactions by ARK Invest highlight the dynamic nature of investment strategies in the cryptocurrency sector. Just last week, Wood sold $14.9 million worth of<a href="https://crypto.news/cathie-woods-ark-invest-sells-another-42-6m-coinbase-shares-1-6m-in-gbtc/"> GBTC shares </a>amidst a slight decline in the crypto rally. 
She has <a href="https://crypto.news/ark-invest-offloads-gbtc-shares-grayscale-bitcoin/">previously indicated</a> that the potential approval of a U.S. Bitcoin ETF could challenge GBTC’s market position. Notably, ARK Invest is also awaiting approval from the SEC to <a href="https://crypto.news/ark-invest-discloses-80-bps-fee-in-spot-bitcoin-etf-filing/">launch its own Bitcoin ETF</a>. 
 Read more: <a href="https://crypto.news/ark-invest-sells-33m-in-coinbase-shares-5-9m-in-gbtc/"> ARK Invest sells $33m in Coinbase shares, $5.9m in GBTC </a>

Ark Invest buys $25.7m in Block shares, offloads $28m in GBTC

crypto.news

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