Cathie Wood’s Ark Invest has sold 118,209 shares of its ARKB spot Bitcoin exchange-traded fund (ETF), valued at $7.76 million, from its Next Generation Internet ETF (ARKW). This marks the first sale of ARKB shares by the Cathie Wood-led investment firm since the spot Bitcoin ETFs were launched in January.
Ark Invest’s strategy aims to prevent any individual holding from exceeding 10% of an ETF’s portfolio to maintain diversification. This approach suggests that Ark may continue rebalancing its weightings if ARKB’s value rises relative to other holdings in the fund.
According to Ark’s latest disclosures, ARKB is the largest holding within its ARKW ETF, with a weighting of 10.98% as of July 24. This surpasses other significant holdings such as Tesla (9.5%), Roku (8.48%), and Coinbase (8.23%). The market value of ARKW’s ARKB holdings stands at $162.5 million, with the spot Bitcoin ETF appreciating around 31% since its inception. Overall, the ARKW fund has gained 33% over the past year.
ARKB traded at $65.62 at market close on Wednesday, showing a slight gain of 0.17% for the day. In contrast, Bitcoin saw a nearly 1% decline, currently trading at $64,491. Last week, Ark sold a substantial amount of Coinbase shares from the same ARKW fund, valued at $4.3 million, for the first time since May. Additionally, Ark acquired $3.5 million worth of CrowdStrike shares on the same day, amid the global Microsoft IT outage linked to the cybersecurity firm.