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Ark Invest Sells $7.76M in ARKB Spot Bitcoin ETF Shares for the First Time
Summary: Cathie Wood's Ark Invest recently sold 118,209 shares of its ARKB spot Bitcoin ETF, valued at $7.76 million, from its Next Generation Internet ETF (ARKW). This is the first sale of ARKB shares by Ark since the ETF launched in January. The decision to sell is in line with Ark's investment strategy, which limits any ...
Cathie Wood's Ark Invest recently sold 118,209 shares of its ARKB spot Bitcoin ETF, valued at $7.76 million, from its Next Generation Internet ETF (ARKW). This is the first sale of ARKB shares by Ark since the ETF launched in January. The decision to sell is in line with Ark's investment strategy, which limits any individual holding to a maximum of 10% of an ETF's portfolio. As of July 24, ARKB accounted for 10.98% of ARKW's holdings, with a market value of $162.5 million.
The sale comes at a time when ARKB's value has risen by approximately 31% since its inception, reflecting strong performance in the market. Despite the recent sale, ARKB remains the largest holding within the ARKW ETF, ahead of notable stocks like Tesla, Roku, and Coinbase. ARKB shares closed at $65.62 on Wednesday, showing a slight gain of 0.17%, while Bitcoin itself experienced a nearly 1% decline.
Last week, Ark Invest also sold a significant portion of Coinbase shares worth $4.3 million from the ARKW fund for the first time since May. This strategic rebalancing move by Ark is part of its broader approach to maintain diversification across its funds.
Tags: Ark,ARKW,Cathie Wood,ETF
Link: Ark Invest Sells $7.76M in ARKB Spot Bitcoin ETF Shares for the First Time [Copy]
