Cathie Wood’s ARK Invest has revealed some interesting details about its portfolio in the second quarter of 2023. The latest report suggests that Grayscale Bitcoin Trust (GBTC) stands out as one of the best performing assets in the investment firm’s portfolio.
However, when it comes to asset allocation, GBTC lags behind Coinbase at ARKW.
GBTC Summits Table
Grayscale Bitcoin Trust (GBTC) played a crucial role as one of the top five contributors to ARKW’s impressive growth of over 9%. Along with other artists such as Tesla, Shopify, Unity Software and DraftKings, GBTC secured the fifth position in this ranking.
Within ARKW’s portfolio, the trust accounted for 108 basis points, while Tesla, as a top asset, accounted for 232 basis points, according to ARK’s latest quarterly ETF. report.
ARKW has recorded impressive year-to-date gains of almost 50%. In the second quarter, the leading ETF allocated around 20% of its assets to cloud computing and around 19% to blockchain as part of its strategy to capitalize on internet-based products and services, cloud computing, artificial intelligence and e-commerce sectors.
Additionally, GBTC is trading at an increasingly wide discount to the value of Bitcoin it has held for over two years. However, the discount has narrowed considerably in recent weeks, which, in turn, has rewarded investors. Such a trend could potentially signal growing confidence in confidence or growing demand for stocks.
Main assets by distribution
Coinbase became the largest allocated asset, with an 8.7% weighting. Behind, Tesla represents 7.6% and GBTC, with 7.4% in second and third positions, respectively. Jack Dorsey-backed platform Block moved up to fourth with 7%.
The quarterly report, however, does not include Coinbase stock sales in July. Cathie Wood’s investment firm had accumulated a large share of COIN during the bear market. As the price of COIN hit a yearly high, ARK resorted to offloading some of the shares to reap some profits. Over the past two weeks, the Bitcoin Bull-led investment fund has sold over $88 million worth of COIN shares in tranches.
Despite the selloff, ARK CEO Wood reiterated an uptrend on Coinbase.
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