As a researcher with a background in financial markets and experience in following Cathie Wood’s Ark Invest, I find the recent transactions intriguing. The decision to sell over $6.7 million worth of ProShares Bitcoin Strategy ETF (BITO) shares comes at a time when the price of Bitcoin is experiencing volatility. While the reason behind this move is not explicitly stated, it could be due to Ark Invest rebalancing its portfolio or anticipating a potential market downturn.
Ark Invest, headed by Cathie Wood, disposed of a substantial amount of ProShares Bitcoin Strategy ETF (BITO) shares valued at over $6.7 million on Thursday, April 25. Meanwhile, they also reduced their holding in Block Inc. (SQ), but purchased more Meta Platforms Inc. (META) shares instead.
Ark Invest Divests Stake In ProShares Bitcoin ETF
Based on information from Ark Invest Daily, Cathie Wood and her team at ARK sold off 237,983 shares in the ProShares Bitcoin Strategy ETF (BITO) from their ARK Next Generation Internet ETF (ARKW). The value of this transaction amounted to approximately $6.71 million using the most recent closing price for the ETF.
On Thursday, the BITO fund ended the day at $28.22, marking a 1.33% increase in value. Yet, following recent sell-offs, the ETF experienced a minor decline during the early market hours today. Currently, the ProShares Bitcoin Strategy ETF is priced at $28.08, representing a 0.50% decrease from its previous closing price.
On April 19th, ARKW sold off 28,936 shares of BITO but simultaneously purchased 139,152 shares each of ARKB, ARK’s bitcoin ETF. Additionally, ARK made its first foray into Ethereum investments by acquiring 41,068 shares of the ProShares Ether ETF.
Meta Platforms & Block Portfolio Rebalancing
Instead of selling its ProShares Bitcoin ETF holdings, Ark Invest acquired approximately 25,355 shares of Meta Platforms for around $11.20 million in two separate transactions, which were added to both ARKW and ARK Innovation ETFs (ARKK).
As a researcher studying market trends, I’ve noticed that Ark Invest has adopted a “buy the dip” approach during Thursday’s decline of Meta Platforms Inc.’s stock, which closed at $441.38 – a drop of over 10%. However, in the pre-market session today, the stock exhibited a recovery, trading at $446.23 and gaining 1.10%.
Ark Invest, headed by Cathie Wood, accelerated the sale of Square (SQ) shares. They disposed of 212,715 shares from both ARKK and Ark Fintech Innovation ETF (ARKF), totaling approximately $15.48 million based on the closing price of $72.79, resulting in a 1.67% decrease. In the early trading hours on Friday, Square’s stock was up by 0.77%, reaching $73.35.
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2024-04-26 13:11