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Digital currency investment product, Grayscale Bitcoin Trust (GBTC), was one of the best performers at Cathie Woods ARK Invest in the second quarter of 2023.

According to ARKs latest quarterly ETF report published on July 19, GBTC was one of the top contributors to the success of its ARK Next Generation Internet exchange-traded fund (ARKW) in Q2.

According to the data, GBTC was one of the top five drivers of ARKWs growth of more than 9% in Q2, alongside other top performers like Tesla, Shopify, Unity Software and Draftkings. Ranked in fifth place, Grayscale accounted for 108 basis points at ARKW, while the top asset, Tesla, amounted to 232 basis points, the document notes.

ARKW is one of the leading ETFs operated by ARK in terms of year-to-date gains, up around 50% in the period to June 30. Aiming to capture internet-based products and services, cloud computing, artificial intelligence and e-commerce, ARKW had nearly 20% of assets related to cloud computing and about 19% related to blockchain in Q2.

Although GBTC was a top performer for ARKW in Q2 2023, the asset trails Coinbase in terms of the amount of asset allocation at ARKW. Grayscale accounted for nearly as much as ARKWs holdings of Tesla, or slightly above 7.5%, while Coinbase was the biggest allocated asset, accounting for almost 9%.

Other top assets by allocation include Jack Dorseys crypto-related platform Block, which is ranked fourth, and accounted for 7% of the ARKWs total assets in Q2. Unlike GBTC, Block was among the top five worst performers for ARKW, dragging it down by 30 basis points in Q2.

Related: Grayscale CEO: BlackRock ETF filing a moment of validation for Bitcoin

The latest quarterly report by ARK doesnt include the companys most recent large sales of the Coinbase stock. As Coinbase shares reached above $90 in mid-July, ARK has been actively taking profits, selling nearly one million Coinbase shares in July, worth around $97 million.

Despite selling the stock, ARKs CEO Wood remains bullish on Coinbase, mainly due to Ripples latest legal progress in the long-running action initiated by the United States Securities and Exchange Commission. On July 17, Wood reiterated her bullish stance on Bitcoin (BTC), predicting it willhit $1.5 million per coin one day.

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Originally posted here:
Grayscale Bitcoin Trust among ARK's top ETF performers in Q2 2023 - Cointelegraph