Cathie Wood’s Ark Invest Continues Buying ARKB Units
Cathie Wood’s investment management firm, Ark Invest, has been actively purchasing crypto-related shares, including its Ark 21Shares spot Bitcoin ETF (ARKB). Last week, ARK Next Generation Internet ETF (ARKW) bought 1.27 million ARKB units worth $51 million.
ARKW Doesn’t Sell BITO Shares to Buy ARKB
Despite several earning announcements this week, Cathie Wood’s ARK Next Generation Internet ETF (ARKW) did not sell its ProShares Bitcoin Strategy ETF (BITO) shares to buy more ARKB. However, ARKW did purchase 58,468 units of ARKB worth $2.5 million on January 29. Additionally, other funds like ARK Innovation ETF (ARKK) and ARKW bought millions of dollars’ worth of Tesla shares.
ARK Next Generation Internet ETF Holds Over $100 Million Worth of ARKB Shares
According to holdings data by ARK Invest, the ARK Next Generation Internet ETF currently holds 2,480,644 ARKB shares valued at $106,816,530. The fund also reduced its BITO holdings to 285,167 shares worth $5.81 million but will likely keep the remaining BITO shares in its portfolio. As of February 2, ARKB had approximately 15,890 bitcoins with a market value of $684.18 million.
ARK Continues Accumulating Robinhood and Tesla Shares
The Ark Invest funds—ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW)—have been steadily acquiring shares of Robinhood Markets (HOOD) and Tesla (TSLA). On February 2, ARKK bought 39,572 HOOD shares and 87,721 TSLA shares, while ARKW purchased 8,354 HOOD shares and 27,090 TSLA shares. Despite a slight decrease in TSLA’s price, these investments indicate Ark Invest’s continued interest in these stocks.
Ark Invest Increases Bitcoin Allocation
Ark Invest has significantly increased its Bitcoin allocation for 2023, raising it from 6.2% in 2022 to 19.4%. This demonstrates the firm’s belief in the effectiveness of diversifying and balancing traditional assets with Bitcoin to maximize risk-adjusted returns.
Quarterly Results from Coinbase and Robinhood
Coinbase and Robinhood are set to release their quarterly results soon. Robinhood Markets will announce earnings on February 13 with an expected revenue of $452.8 million. On February 15, Coinbase will report its earnings with an anticipated revenue of $811.50 million.
Hot Take: Cathie Wood’s Ark Invest Continues to Bet Big on Crypto
Cathie Wood’s investment firm, Ark Invest, remains bullish on cryptocurrencies as it continues to accumulate crypto-related shares such as ARKB and invest in companies like Tesla and Robinhood. This strategic move aligns with Ark Invest’s belief in the potential of digital assets for diversification and maximizing returns. With an increased Bitcoin allocation and ongoing investments in crypto-related assets, Cathie Wood’s Ark Invest is positioning itself as a key player in the crypto market.
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