DeFI News by Thebittimes.Com

GameStop (GME) shares slumped 22% after the company unveiled plans to buy Bitcoin (BTC) using proceeds from a $1.3 billion convertible debt offering, sparking skepticism from analysts. The plunge wiped $3 billion off the company’s market capitalization, according to Google Finance data as of 2:14 a.m. EST. GameStop had surged 12% after the company announced its Bitcoin investment plan on March 25, but the rally reversed yesterday amid details of its debt issuance plan and as analysts began questioning the rationale behind the strategy. Analysts Question GameStop’s Business Model Brent Kenwell, a US investment analyst at eToro, said investors are questioning the company’s business model.  “If Bitcoin is going to be the pivot, where does that leave everything else?” he said in an interview with Reuters yesterday. With investors unsure of GameStop’s future direction, Wedbush analyst Michael Pachter maintains his underperform rating for GME. ...

Cathie Wood’s ARK Invest bought 347,692 shares of Block for $25.7 million while offloading 809,441 GBTC shares worth about $27.95 million. On Dec. 18, ARK Invest, led by Cathie Wood, bought $25.7 million in Block Inc (SQ) stock after the publicly traded firm’s shares reached a 4-month peak in a move analysts connect to the recent uptick in Bitcoin (BTC) price. Cathie Wood and Ark Invest's trade activity from today 12/18 pic.twitter.com/Nx06hSyRYQ — Ark Invest Daily (@ArkkDaily) December 19, 2023 The purchase involved a total of 347,692 Block shares, a provider of financial services and digital payments, through ARK Next Generation Internet ETF (ARKW). During the trading day, Block shares reached a high of $74.77 but eventually settled at $73.88, marking a slight decline of 0.44%. You might also like: SEC in decision hot seat as Ark Investment BTC ETF final deadline approaches On the same day, Ark also offloaded around 809,441 Grayscale Bitcoin ...

The Grayscale Bitcoin Trust is the largest asset held by the ARK Next Generation Internet ETF, accounting for more than 10% of its portfolio. Investment firm ARK is selling Grayscale Bitcoin Trust (GBTC) shares amid a market surge fueled by anticipation of a spot BTC exchange-traded fund (ETF). On Oct. 23, ARK — headed by pro-Bitcoin (BTC) investment veteran Cathie Wood — sold 100,739 GBTC shares ($2.5 million) from ARK Next Generation Internet ETF (ARKW), according to a trade notification seen by Cointelegraph. The transaction comes as GBTC touched multi-month highs, reaching $24.7 for the first time since May 2022. According to data from TradingView, GBTC has surged more than 200% year-to-date and is up nearly 30% over the past 30 days. The GBTC sale marks ARK’s first officially reported GBTC transaction since November 2022, when the firm added 450,272 GBTC shares worth $4.5 million to ARKW. The latest GBTC sale amount accounts for about 2% of all GBTC value in ARKW’s portfolio, ...