Cathie Wood’s ARK Invest revealed some interesting details of its portfolio in the second quarter of 2023. The latest report suggests that Grayscale Bitcoin Trust (GBTC) stands out as one of the top-performing assets within the investment firm’s portfolio.
However, when it comes to asset allocation, GBTC trails Coinbase in ARKW.
GBTC Tops Chart
Grayscale Bitcoin Trust (GBTC) played a key role as one of the top five contributors driving ARKW’s impressive growth of over 9%. Along with other performers such as Tesla, Shopify, Unity Software, and DraftKings, GBTC took the fifth position in this ranking.
Within the ARKW portfolio, the trust accounted for 108 basis points, while Tesla, as the leading asset, represented 232 basis points, according to the latest quarterly report of the ARK ETF.
ARKW describes impressive year-to-date gains of nearly 50%. In the second quarter, the leading ETF allocated almost 20% of its assets to cloud computing and about 19% to blockchain as part of its strategy to exploit products and services based on the internet, cloud computing, artificial intelligence, and e-commerce sectors.
Besides, GBTC has been trading at a growing discount to the value of Bitcoin it has held for over two years. However, the discount has decreased significantly in recent weeks, which, in turn, has rewarded investors. Such a trend may signal an increase in confidence or an increase in demand for shares.
Top Assets by Allocation
Coinbase emerged as the largest allocated asset, accumulating a weighting of 8.7%. Following behind is Tesla which accounts for 7.6%, and GBTC, with 7.4% in the second and third positions, respectively. The Jack Dorsey-backed platform Block reached the fourth position with 7%.
The quarterly report, however, did not include July sales of Coinbase shares. Cathie Wood’s investment firm accumulated a large share of COIN during the bear market. As the price of COIN hit a one-year high, ARK turned to offloading some shares to make a profit. In the past two weeks, the investment fund led by Bitcoin Bull has sold more than $88 million worth of COIN shares in tranches.
Despite the selloff, ARK CEO Wood reiterated a bullish stance on Coinbase.
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