Grayscale Bitcoin Trust (GBTC) Among the Top Performers in ARK Invest’s ETF Report

  • Grayscale Bitcoin Trust (GBTC) was one of the top performers of Cathie Wood’s ARK Invest company in the second quarter.
  • GBTC, along with other top performers such as Tesla, Shopify, Unity Software, and Draftkings, was one of the five main funds contributing to more than 9% growth of ARKW in the second quarter.
  • ARKW, as of June 30, is one of the leading ETFs operated by ARK, having increased by approximately 50% since the beginning of the year.

Grayscale’s Bitcoin Trust product was one of the major contributors to the success of ARK Next Generation Internet Exchange Traded Fund (ARKW) in the second quarter of the year.

GBTC Became One of the Major Contributors to ARKW Fund

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Grayscale Bitcoin Trust (GBTC), a digital currency investment product, was one of the top performers of Cathie Wood’s ARK Invest company in the second quarter. According to the latest ETF report published by ARK on July 19, GBTC was one of the major contributors to the success of ARK Next Generation Internet Exchange Traded Fund (ARKW) in the second quarter.

According to the data, GBTC, along with other top performers such as Tesla, Shopify, Unity Software, and Draftkings, was one of the five main funds contributing to more than 9% growth of ARKW in the second quarter. Grayscale ranked fifth with a share of 108 basis points in ARKW, while Tesla, the largest asset, accounted for 232 basis points.

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ARKW, as of June 30, is one of the leading ETFs operated by ARK, having increased by approximately 50% since the beginning of the year. ARKW aims to capture internet-based products and services, cloud computing, artificial intelligence, and e-commerce, and in the second quarter, it associated nearly 20% of its assets with cloud computing and 19% with blockchain.

Although GBTC was one of the top performers for ARKW in the second quarter, it lags behind in terms of asset allocation in ARKW compared to Coinbase. Grayscale had a share of around 7.5%, which is almost the same as Tesla’s assets in ARKW, while Coinbase accounted for nearly 9% as the largest allocated asset.

ark-invest-portfolio

Among other major assets based on asset allocation, Block, Jack Dorsey’s crypto-related platform, ranked fourth and accounted for 7% of ARKW’s total assets in the second quarter. Unlike GBTC, Block was among the five main detractors that negatively affected the performance of ARKW, causing a 30 basis points decrease in Q2.

ARK Invest Sold Some of its Coinbase Shares

ARK’s latest quarterly report does not include the recent major sales of Coinbase (COIN) stocks. Since mid-July, when COIN shares exceeded $90, ARK has been actively taking profits, and approximately one million Coinbase shares worth about $97 million were sold in July.

Despite the share sales, ARK’s CEO continues to remain optimistic about COIN, particularly due to the recent legal progress in the long-standing lawsuit initiated by the U.S. Securities and Exchange Commission against Ripple. On July 17, Wood reiterated her positive view on Bitcoin and predicted that it would reach $1.5 million one day.

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