New York, Sunday, September 29, 2024 – Ark Invest, the firm led by Cathie Wood, has sold another $2.8 million worth of shares from its ARKB spot Bitcoin ETF.
This sale comes as part of an ongoing rebalancing strategy within the firm’s Next Generation Internet Fund (ARKW), which aims to prevent any individual asset from exceeding 10% of the fund’s portfolio. Since July, Ark Invest has sold a total of $17.5 million in ARKB shares, including $6.9 million in August and $7.8 million in July.
Despite these sales, ARKB remains Ark’s second-largest holding in the ARKW fund, with a portfolio weighting of 9.93%, equivalent to $139.7 million. Tesla stock holds the top spot at 10.15%. ARKB shares closed at $63.25 on Monday, showing a 0.8% gain for the day and a 26.5% rise year-to-date.
While Ark Invest continues to adjust its crypto holdings, U.S. spot Bitcoin ETFs saw net inflows of $4.5 million on Monday, marking three consecutive days of inflows, totaling over $250 million. In contrast, Ethereum ETFs saw significant outflows, with $79.3 million leaving the funds—the largest daily outflow since July.
This strategic rebalancing highlights Ark Invest’s efforts to maintain diversification while capitalizing on market performance.
