Cathie Wood's Ark Invest Trims Bitcoin Exposure, Sells $2.9M Worth Of GBTC Shares Amid Crypto Market Volatility

On Thursday, Cathie Wood-led Ark Invest made a significant move by selling nearly $2.9 million worth of Grayscale Bitcoin Trust GBTC shares. This decision comes amidst a fluctuating crypto market and Ark’s strategic adjustments in their crypto holdings.

Notably, the apex cryptocurrency, Bitcoin BTC/USD was seen trading by nearly 1% at $43,523.72 at the time of publishing. The second-largest coin by market cap, Ethereum ETH/USD was up nearly 6% at $2,382.43. The mixed performance of large cryptocurrencies was attributed to increasing fears of a “bull trap” by traders.

The GBTC Trade

On Thursday, Ark sold 86,159 units of the Bitcoin Investment Trust. The sale was made through ARK Next Generation Internet ETF ARKW. On the day GBTC closed 2.9% lower at $33.90. The transaction was valued at $2.92 million.

See Also: Ark Invest’s Cathie Wood Says The Price Of One Bitcoin Could Rise To $1.5M

Ark Invest’s sale of GBTC shares aligns with recent market trends and Wood’s views on the evolving cryptocurrency landscape. According to Benzinga’s coverage, Wood has expressed concerns about the impact of a potential Bitcoin ETF on Grayscale’s competitive edge.

The sale also coincides with Bitcoin’s recent surge past $44,000, as detailed in another Benzinga report, highlighting Ark’s dynamic investment strategy in response to market shifts.

The Robinhood Trade

Ark Invest also offloaded shares of Robinhood Markets Inc HOOD, selling 37,151 shares worth $426,493 through ARK Innovation ETF ARKF. This move reflects Ark’s ongoing portfolio adjustments, as discussed in Benzinga’s analysis of Wood’s crypto-related investments.

Other Key Trades:

• Significant purchases included Adaptive Biotechnologies ADPT and Accolade Inc ACCD through ARK Genomic Revolution ETF ARKG, indicating a continued interest in the healthcare sector.
• Investments in tech were evident with buys in Trade Desk Inc TTD, PagerDuty Inc PD, and Iridium Communications Inc IRDM through multiple ETFs.

Read Next: Cathie Wood’s Ark Invest Doubles Down On Palantir Amid Correction, Scoops Up Over $27M Worth Of Stock