Ark Invest Sells Grayscale Trust Shares and Buys Block Shares Worth $5.6 Million

Ark Invest, the second-largest holder of Grayscale Trust (GBTC) shares, has sold off $3.8 million worth of GBTC shares and bought $5.6 million in Block shares. This is the second time Ark Invest has sold Grayscale shares in recent weeks, after offloading almost $5.8 million in Coinbase and GBTC shares on October 24. Block is a Bitcoin-focused payments company founded by ex-Twitter CEO Jack Dorsey, and last week reported better-than-expected Q3 earnings. Ark Invest is among the high-profile investment firms awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF).