The Grayscale Bitcoin Trust, one of ARK’s top three holdings, could lose its third-place ranking as ARK sheds its shares while increasing its holdings of Jack Dorsey’s Block. ARK Invest, one of the applicants for a spot Bitcoin BTC $43,108 exchange-traded fund (ETF) in the United States, has continued to dump its holdings of Grayscale Bitcoin Trust (GBTC) stock with the sale of yet another significant batch of shares. On Dec. 18, ARK sold 809,441 GBTC from its ARK Next Generation Internet ETF (ARKW), according to a trade notification seen by Cointelegraph. Based on the closing share price of $34.5, the sale is worth $27.9 million, according to data from TradingView. This latest divestment further reduces ARK’s exposure to the Grayscale Bitcoin Trust, with GBTC inching closer to dropping out of the list of ARKW’s top three holdings. As of Dec. 18, GBTC still ranks as the third-largest asset in the ARKW portfolio, accounting for 6.84% of total assets with a market value of $117 billion. GBTC sits below crypto exchange Coinbase and streaming company Roku, accounting for 11% and 8% of ARKW’s total assets, respectively. While shedding GBTC, ARK has continued accumulating shares of Block, the financial payment processor co-founded by Twitter (now X) co-founder Jack Dorsey. Source - Coin Telegraph