Cathie Wood’s Ark Invest Trims Bitcoin Exposure, Sells $2.9M Worth Of GBTC Shares Amid Crypto Market Volatility
By Benzinga
On Thursday, Cathie Wood-led Ark Invest made a significant move by selling nearly $2.9 million worth of Grayscale Bitcoin Trust (OTC:GBTC) shares. This decision comes amidst a fluctuating crypto market and Ark’s strategic adjustments in their crypto holdings.
Notably, the apex cryptocurrency, Bitcoin (CRYPTO: BTC) was seen trading by nearly 1% at $43,523.72 at the time of publishing. The second-largest coin by market cap, Ethereum (CRYPTO: ETH) was up nearly 6% at $2,382.43. The mixed performance of large cryptocurrencies was attributed to increasing fears of a “bull trap” by traders.
The GBTC Trade
On Thursday, Ark sold 86,159 units of the Bitcoin Investment Trust. The sale was made through ARK Next Generation Internet ETF (NYSE:ARKW). On the day GBTC closed 2.9% lower at $33.90. The transaction was valued at $2.92 million.
See Also: Ark Invest’s Cathie Wood Says The Price Of One Bitcoin Could Rise To $1.5M
Ark Invest’s sale of GBTC shares aligns with recent market trends and Wood’s views on the evolving cryptocurrency landscape. According to Benzinga’s coverage, Wood has expressed concerns about the impact of a potential Bitcoin ETF on Grayscale’s competitive edge.
The sale also coincides with Bitcoin’s recent surge past $44,000, as detailed in another Benzinga report, highlighting Ark’s dynamic investment strategy in response to market shifts.
The Robinhood Trade
Ark Invest also offloaded shares of Robinhood Markets Inc (NASDAQ:HOOD), selling 37,151 shares worth $426,493 through ARK Innovation ETF (NYSE:ARKF). This move reflects Ark’s ongoing portfolio adjustments, as discussed in Benzinga’s analysis of Wood’s crypto-related investments.
Other Key Trades:
- Significant purchases included Adaptive Biotechnologies (NASDAQ:ADPT) and Accolade Inc (NASDAQ:ACCD) through ARK Genomic Revolution ETF (BATS:ARKG), indicating a continued interest in the healthcare sector.
- Investments in tech were evident with buys in Trade Desk Inc (NASDAQ:TTD), PagerDuty Inc (NYSE:PD), and Iridium Communications Inc (NASDAQ:IRDM) through multiple ETFs.
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