Cathie Wood’s ARK Invest revealed some interesting details about its portfolio in the second quarter of 2023. The latest report notes that Grayscale Bitcoin Trust (GBTC) has emerged as one of the best-performing assets within the company’s investment portfolio.
However, when it comes to asset allocation, GBTC lags behind Coinbase in ARKW.
GBTC peaks chart
Grayscale Bitcoin Trust (GBTC) played an important role as one of the top five shareholders driving ARKW’s impressive growth of over 9%. Along with other performers such as Tesla, Shopify, Unity Software, and DraftKings, GBTC secured the fifth spot in this ranking.
Within the ARKW portfolio, trusts accounted for 108 basis points, while Tesla, as the leading asset, accounted for 232 basis points, according to ARK’s latest quarterly ETF. a report.
ARKW has shot an impressive gain year-to-date of nearly 50%. In the second quarter, the leading ETF allocated approximately 20% of its assets to cloud computing and approximately 19% to blockchain as part of its strategy to leverage products and services based on the Internet, cloud computing, artificial intelligence, and e-commerce.
Besides, GBTC is trading at an increasingly higher discount to the value of Bitcoin held for more than two years. However, the discount has shrunk dramatically in recent weeks, which in turn has rewarded investors. This trend may indicate an increase in confidence or an increase in demand for stocks.
Top assets by allocation
Coinbase emerged as the largest allocated asset, gaining 8.7% weight. It is followed by Tesla at 7.6%, and GBTC at 7.4% in second and third places, respectively. Jack Dorsey-backed Block Dorsey platform is in fourth place, up 7%.
However, the quarterly report does not include July sales of Coinbase shares. Cathy Wood’s investment firm has accumulated a significant portion of the currency rebellion during the bear market. With the price of COIN hitting a yearly high, ARK has resorted to offloading some shares to lock in profits. Over the past two weeks, the Bitcoin Bull-led investment fund has sold more than $88 million worth of COIN shares in tranches.
Despite the sales, ARK CEO Wood reiterated a bullish notion on Coinbase.
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