Cathie Wood's Ark Invest Buys Over $92M Worth Of ProShares Bitcoin ETF, Sells Coinbase, Block And Palanti

On Wednesday, Cathie Wood-led Ark Invest made a significant move in the cryptocurrency space, purchasing over $92 million worth of ProShares Bitcoin Strategy ETF (NYSE:BITO). This trade comes amidst a dynamic period in the crypto market, aligning with Ark Invest’s strategic adjustments in response to evolving market conditions.

The ProShares Bitcoin Strategy ETF Trade

Ark purchased 4,320,928 units of BITO through ARK Next Generation Internet ETF (NYSE:ARKW) on Wednesday. For the day, BITCO closed 3.2% higher at $21.31. The transaction was valued at $92.08 million.

Ark Invest’s acquisition of the ProShares Bitcoin Strategy ETF represents a substantial investment in the cryptocurrency sector. This move follows Wood’s recent comments on the potential impact of Bitcoin ETF approvals on the market. The investment aligns with her belief in the long-term value of Bitcoin (CRYPTO: BTC) and its related financial products.

Ark’s decision to invest heavily in BITO, highlights the firm’s confidence in the future of cryptocurrency, despite the recent divestment from other crypto-related assets like the Grayscale Bitcoin Trust (OTC:GBTC).

The Coinbase Global Inc. Trade
In a contrasting move, Ark Invest also sold a significant portion of its holdings in Coinbase Global Inc (NASDAQ:COIN). This decision, involving the sale of 148,885 shares through ARKW, comes amid a period of heightened volatility in the cryptocurrency market. The transaction was valued at $27.58 million. Coinbase shares closed 7.67% higher at $185.24 on Wednesday.

Ark has dumped Coin shares in recent days amid increased volatility in the cryptocurrency arena. Two of the largest cryptocurrencies, Bitcoin and Ethereum (CRYPTO: ETH), have risen 162.4% and 101.8% respectively so far this year.

The Palantir Technologies Inc. Trade
Another notable trade by Ark Invest was the sale of 101,921 shares of Palantir Technologies Inc (NYSE:PLTR) through ARKW. The transaction held a value of $1.8 million, calculated at the Wednesday closing price of $17.47 for the company co-founded by Peter Thiel. Previously, Ark doubled down on Palantir amid market corrections. Even so, Palantir shares have gained 172.12% since 2023 began.

The Block Inc. Trade
Ark Invest also adjusted its position in Block Inc (NYSE:SQ), selling 231,102 shares through ARKW. The transaction was valued at $18.4 million. On Wednesday, Block shares closed 1.82% higher at $79.60. Cathie Wood has in the past publicly defended Block against a short report by Hindenburg Research. As outlined in a Benzinga article, Wood criticized the report as “wildly misleading.” More recently, in December, Wood had been buying shares of the Jack Dorsey-led company.

Other Key Trades:

Sold 56,175 shares of Stratasys Ltd (NASDAQ:SSYS) through ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) and ARK Space Exploration & Innovation ETF (BATS:ARKX), reducing exposure in the 3D printing sector.
Sold 15,440 shares of Advanced Micro Devices (NASDAQ:AMD), adjusting its stake in the semiconductor industry through ARKW.
Sold 66,223 shares of Twilio Inc (NYSE:TWLO), as part of its portfolio rebalancing in the cloud communications field through ARKW.
Sold 26,124 shares of Veracyte Inc (NASDAQ:VCYT) via ARKW, indicating a shift in its biotechnology investments.

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AMDAdvanced Micro Devices Inc

$420.16-0.93%

ARKQARK Autonomous Technology & Robotics ETF

$131.70-0.28%

ARKWARK Next Generation Internet ETF

$142.00-0.78%

ARKXARK Space & Defense Innovation ETF