Cathie Wood Dumps Palantir Shares Worth $26 Million Amid Crypto Rally
Cathie Wood's investment firm, Ark Invest, made significant trades on Monday, including purchasing shares of Block and Circle Internet Group. This move comes as major cryptocurrencies have been gaining value, with Bitcoin up 23.73% this month.
The trades were executed across several ETFs managed by Ark Invest, including the ARK Blockchain & Fintech Innovation ETF (BATS:ARKF) and the ARK Next Generation Internet ETF (BATS:ARKW). The firm sold a total of 139,456 Palantir shares, worth approximately $26 million.
Palantir's second-quarter earnings report exceeded analyst expectations, with revenue reaching $1.94 billion. However, this did not seem to sway Cathie Wood's decision to sell the stock.
The firm also reduced its holdings in Advanced Micro Devices Inc. (NASDAQ:AMD) by selling 8,623 shares through its ARKF ETF. This decision follows AMD's announcement of expanding its AI infrastructure in Saudi Arabia.