Cathie Wood's Ark Invest offloads another $2.8 million worth of its own spot Bitcoin ETF

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The Block2024/09/24 09:22

By:James Hunt

Ark Invest offloaded 44,609 ARKB spot Bitcoin ETF shares on Monday, worth $2.8 million, as the investment firm rebalanced its fund weightings.The Cathie Wood-led firm has sold a total of $17.5 million in ARKB shares from its ARKW fund but still holds $139.7 million of the spot Bitcoin ETF.

Ark Invest sold 44,609 shares of its ARKB spot Bitcoin BTC +0.16% exchange-traded fund, worth $2.8 million, from its Next Generation Internet ETF (ARKW) on Monday.

This comes after the firm offloaded shares in its own spot Bitcoin ETF on August 1, selling $6.9 million worth of ARKB.

Ark Invest has now offloaded a total of $17.5 million worth of the Bitcoin ETF, having also sold $7.8 million of ARKB shares in July. The firm's strategy involves letting no individual holding take up more than 10% of an ETF’s portfolio. This is to maintain diversification within its funds, meaning it is likely to continue rebalancing its asset weightings if ARKB gains in value relative to Ark's other holdings in the fund.

According to the firm’s disclosures, ARKB is still the second-largest holding within its ARKW fund, with a weighting of 9.93%, worth $139.7 million, as of Sept. 24. That’s the equivalent of nearly 5% of the spot Bitcoin ETF’s total $2.9 billion in assets under management, according to The Block’s ARK 21Shares Bitcoin ETF page. Tesla stock is the largest holding in the ARKW fund at 10.15%, worth $142.9 million.

ARKB traded for $63.25 at market close on Monday, up 0.8% for the day and 26.5% year-to-date, according to TradingView. Bitcoin traded flat over the past 24 hours, up 0.3%, and is changing hands for $63,676, according to The Block’s Bitcoin Price Page .

ARKB/USD price chart. Image: TradingView .

The U.S. spot Bitcoin ETFs saw combined net inflows of $4.5 million on Monday, extending their recent positive streak to three days, totaling more than $250 million.

Meanwhile, U.S. spot Ethereum ETFs slumped to their largest net daily outflows since late July, with $79.3 million exiting the funds yesterday.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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