ARK Invest Unloads $40 Million Worth of Cryptocurrency Holdings Ahead of Senate Vote
Cathie Wood's ARK Invest reduced its holdings in several cryptocurrency-linked assets by more than $40 million on Monday, ahead of a Senate vote on a legislative package that has kept crypto markets on edge.
The firm trimmed 1.06 million shares of the ARK 21Shares Bitcoin ETF (ARKB) through two other funds: the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF). The combined sale was worth roughly $40 million, representing approximately 1.5% of each fund's holdings.
The disposals extended to other cryptocurrency stocks as well, including Coinbase Global (COIN), Circle Internet Group (CRCL), and BitMine Immersion Technologies (BMNR). Ark also reduced its positions in several large technology and growth names, such as Amazon.com (AMZN) and Alphabet (GOOG).
The firm's investment discipline caps any single holding at 10% of a fund's portfolio to maintain diversification across its ETF lineup. Wood has described cryptocurrencies as a key innovation for financial markets, despite the routine rebalancing.