Search
Library
Log in
Watch fullscreen
4 months ago

Ark Investment Lowers Major Stakes

Benzinga
Benzinga
As the world economy shifts with a weeks’ long drop in the crypto market cap, investors are getting out of certain investments they no longer deem advantageous. Cathie Wood’s Ark Investment Management ($ARKK@US) is pulling out of Snap ($SNAP@US), selling nearly 800,000 shares worth nearly $35 million. Ark sold these shares via the Ark Next Generation Internet ETF ($ARKW@US) and the Ark Fintech Innovation ETF ($ARKF@US). Snap, for its part, closed on Tuesday just over $43, but it is down around 7% since 2022 began and down over 23% in the past 12 months. Conversely, Ark is picking up stakes in crypto-exposed stocks even as that market strains with Bitcoin’s massive loss in value. To that end, Ark has purchased over 54,000 shares of Coinbase Global ($COIN@US) and over 115,000 shares of Block Inc ($SQ@US). These purchases give the firm more exposure to Bitcoin, Ethereum, and Dogecoin, among other cryptocurrencies. At press time, the ARK Innovation ETF was trading nearly 2% higher at $88.37 while the Fintech Innovation ETF was up nearly 2% in premarket trading at $38.20.

Browse more videos

Browse more videos