Ark Invest Buys More SpaceX Amid Predicted Crypto Consolidation

Cathie Wood's Ark Invest continued its active trading on Wednesday, buying $14.5 million worth of SpaceX shares while selling positions in multiple crypto stocks to fund the purchase.

The firm added 128,932 shares of SPCX across its ETFs, a move that comes just one day after a similar round of trades.

Ark Invest sold several positions in mostly crypto stocks to help fund the SpaceX purchase, including 120,665 shares of BMNR valued at around $2 million and 13,403 shares of Block Inc.

The firm also offloaded 12,561 Robinhood shares worth $1.1 million, as well as 11,314 shares of Bullish worth $247,097.

This comes as ARK researcher Lorenzo Valente predicted more shutdowns and consolidations in the crypto industry due to changing market conditions and increased competition.