Cathie Wood‘s ARK ETFs experienced an extraordinary surge Tuesday, propelling assets under management to nearly $13 billion and marking a staggering $600-million increase in a single day.
The impetus for the surge came from a widespread rally in both crypto-related and electric vehicle stocks. Ark ETFs boast a diversified portfolio, comprising eight exchange-traded funds. Cathie Wood’s flagship fund, ARK Innovation ETF ARKK, gained 5.34% and saw its AUM rise by nearly $400 million to $7.3 billion.
On Tuesday, the U.S. Court of Appeals for the D.C. Circuit ruled in favor of Grayscale in a lawsuit against the Securities and Exchange Commission, vacating the SEC’s rejection of Grayscale’s Bitcoin ETF application.
The triumph was like pouring gasoline on a fire, igniting a 7% surge in Bitcoin BTC/USD’s value and double-digit gains for crypto-related stocks such as Coinbase Global Inc. COIN, Marathon Digital Holdings, Inc. MARA and Riot Platforms Inc. RIOT.
Tesla, Inc. TSLA, the largest holding within Wood’s Ark funds, experienced a resurgence of 7.3% on Tuesday, registering its most substantial session since March 21, 2023. This uptick further fueled the momentum behind the ETFs’ outstanding performance.
Wood participated in an exclusive interview on “The Raz Report” with Benzinga CEO Jason Raznick that will air at 2 p.m. ET Wednesday. During the conversation, she reaffirmed her conviction that Bitcoin has the potential to reach $1 million within the upcoming five to seven years. Additionally, Wood highlighted her belief that the cryptocurrency will evolve into a pertinent topic during next year’s presidential elections.
Ginkgo Bioworks Holdings Inc. DNA emerged as the standout performer among Ark ETF holdings, achieving a remarkable surge of over 24%. The rally followed the announcement of a five-year partnership with Alphabet Inc. GOOGL’s Google Cloud that aims to leverage Ginkgo’s expertise to develop and deploy artificial intelligence tools for advancements in biology and biosecurity.
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| Fund Name | AUM | Expense Ratio | 3-Month return | Segment | % Change on Aug. 29, 2023 | AUM Change on Aug. 29, 2023 |
|---|---|---|---|---|---|---|
| ARK Innovation ETF (ARKK) | $7.31B | 0.75% | 2.56% | Equity: Global Broad Thematic | 5.3% | $392.9 mln |
| ARK Genomic Revolution ETF ARKG | $1.98B | 0.75% | -5.21% | Equity: Global Genomic Advancements | 3.7% | $76.2 mln |
| ARK Next Generation Internet ETF ARKW | $1.29B | 0.88% | 7.23% | Equity: Global Internet | 5.5% | $72.3 mln |
| ARK Autonomous Technology & Robotics ETF ARKQ | $1.02B | 0.75% | 9.07% | Equity: Global Robotics & AI | 2.9% | $29 mln |
| ARK Fintech Innovation ETF ARKF | $844.27M | 0.75% | 3.26% | Equity: Global FinTech | 4.4% | $37 mln |
| ARK Space Exploration & Innovation ETF (ARKX) | $269.03M | 0.70% | 2.71% | Equity: Global Space | 1.8% | $4.7 mln |
| 3D Printing ETF PRNT | $155.88M | 0.66% | -1.77% | Equity: Global Robotics & AI | 1% | $1.5 mln |
| ARK Israel Innovative Technology ETF IZRL | $97.16M | 0.49% | 7.47% | Equity: Israel Broad Thematic | 1.9% | $1.5 mln |
Illustration by Benzinga using photo courtesy of Ark Invest.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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