ARK Invest Reverses Crypto Exposure, Bids Up CoreWeave After Monday's Selloff

Cathie Wood's ARK Invest funds made significant trades in cryptocurrency holdings and other stocks last week, but some of those moves were reversed by Thursday.

The firm sold over $1.5 million worth of shares in its own ARK 21Shares Bitcoin ETF (ARKB) across two separate ETFs on Monday, making it the largest trade by volume that day. They also sold Bitmine Immersion Technologies (BMNR), Circle Internet Group (CRCL), Coinbase Global (COIN), and Bullish (BLSH).

The selling wasn't limited to cryptocurrencies; ARK trimmed large technology and biotech holdings, including Palantir (PLTR), Shopify (SHOP), Tempus AI (TEM), Amazon (AMZN), AMD, and 10x Genomics (TXG). Alphabet (GOOGL) shares were sold across multiple funds throughout the week in smaller increments.

However, one of these stocks had a notable reversal: CoreWeave. ARK initially sold 64,923 shares on Monday but then bought 239,083 shares across ARKK and ARKW on Thursday, making it the only stock to move in both directions last week.