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Cathie Wood’s Ark Invest Dumps $6.7M ProShares’ BITO – Crypto News

Published

2 years ago

April 26, 2024

Dripp

Ark Invest, an investment firm led by Cathie Wood, offloaded a significant share in the ProShares Bitcoin Strategy ETF (BITO). On Thursday, April 25, Ark Invest sold over $6.7 million worth of BITO. In addition, the firm divested a sizable stake in Block Inc. (SQ). On the contrary, it added shares of Meta Platforms Inc. (META).

Ark Invest Divests Stake In ProShares Bitcoin ETF

According to data from Ark Invest Daily on X, the Cathie Wood-led organization dumped 237,983 shares in BITO from ARK Next Generation Internet ETF (ARKW. The sell transaction was worth $6.71 million, considering the latest closing price of the Pro Shares Bitcoin ETF.

On Thursday, the BITO fund closed at $28.22, gaining 1.33% in value. However, after the latest offloading, the ETF witnessed a slight slump in the pre-market session today. At press time, the ProShares Bitcoin Strategy ETF was valued at $28.08, dropping 0.50% from recent close.

Earlier, on April 19, ARKW sold 28,936 shares of BITO while simultaneously increasing its holdings with the acquisition of 139,152 shares of ARKB, ARK’s bitcoin ETF. Moreover, ARK expanded into Ethereum investments, buying 41,068 shares of ProShares Ether ETF.

Also Read: Multiple Bitcoin ETFs Report Net Outflows, GBTC OutFlows Cross $17 Billion

Meta Platforms & Block Portfolio Rebalancing

Apart from divesting ProShares Bitcoin ETF stake, Ark Invest added META shares to ARKW and ARK Innovation ETF (ARKK). The two buy transactions involved 25,355 shares of Meta Platforms. Considering the latest close, the purchase was worth nearly $11.20 million.

Ark Invest seems to be capitalizing on the “buy the dip” strategy as the META stock plunged over 10% on Thursday, closing at $441.38. However, the stock registered a rebound in the pre-market session today as it traded at $446.23, gaining 1.10%.

Whilst, Ark Invest expedited the divestment of the SQ stock. The Cathie Wood-led firm dumped 212,715 shares of the Block Inc. from ARKK and Ark Fintech Innovation ETF (ARKF). The offloading was worth a whopping $15.48 million at the closing price of $72.79, dropping 1.67%. In the pre-market session, the SQ stock was up 0.77% to $73.35 on Friday.

Also Read: Grayscale Bitcoin Trust (GBTC) Sets Unprecedented Outflow Record: What’s Next?