Ark Invest, led by Cathie Wood, has dumped another $2.8 million worth of shares of its ARKB spot Bitcoin exchange-traded fund (ETF).
Cathie Wood's Ark Invest Sold Another $2.8 Million in Spot Bitcoin ETF Shares
The firm sold 44,609 ARKB ETF shares of its Next Generation Internet ETF (ARKW) on Monday.
The sale is the latest in a series of sales by Ark Invest, following its $6.9 million sale of ARKB stock on Aug. 1 and its $7.8 million divestiture in July.
Ark Invest has sold $17.5 million worth of spot Bitcoin ETFs. The company’s strategy focuses on diversification, ensuring that no single holding accounts for more than 10% of any ETF’s portfolio.
This approach is designed to maintain balance within ARKB's funds, which may require further rebalancing if the funds continue to appreciate in value relative to other assets in Ark's portfolio.
Despite the sell-off, ARKB remains the second-largest holding in Ark Invest’s ARKW fund, with a portfolio weight of 9.93%, equivalent to $139.7 million, as of Sept. 24.
This represents about 5% of the total $2.9 billion in assets managed by the ARK 21Shares Bitcoin ETF. Tesla remains the largest holding in the ARKW fund at 10.15%, worth $142.9 million.
ARKB closed Monday’s trading session at $63.25, up 0.8% on the day and 26.5% year-to-date. Bitcoin was relatively flat, trading at $63,676, up 0.3% in the past 24 hours.
The broader U.S. spot Bitcoin ETF market saw net inflows of $4.5 million on Monday, extending a three-day positive streak that is now above $250 million.
Meanwhile, US spot Ethereum ETFs saw significant outflows, with $79.3 million exiting the funds, marking the largest net daily outflow since late July.
*This is not investment advice.