Wed Sep 25 02:59:59 UTC 2024: ## Ark Invest Sells $2.8 Million in Bitcoin ETF Shares, Rebalances Portfolio

**New York, September 24, 2024** – Cathie Wood’s Ark Invest has sold $2.8 million in shares of its spot Bitcoin ETF (ARKB) from its Next Generation Internet ETF (ARKW) fund, bringing its total ARKB sales over the past few months to $17.5 million. The move is part of the firm’s ongoing restructuring and rebalancing strategy, aiming to diversify its holdings and maintain asset weighting balance within its ETFs.

This sale comes amidst Bitcoin’s recent climb towards the $64,000 mark, though the asset has since pulled back, experiencing a $124 million liquidation in the past 24 hours. Ark Invest’s ARKB holding in ARKW currently constitutes 9.93% of the fund’s assets, making it the second-largest position after Tesla shares.

To further diversify its portfolio, Ark Invest also purchased shares of PayPal and Pinterest on Monday. This move reflects the firm’s commitment to maintaining a balanced portfolio across various sectors, ensuring no individual holding exceeds 10% of any ETF.

While the sale of Bitcoin ETF shares might appear as a bearish signal, it is important to note that this is part of a strategic rebalancing strategy by Ark Invest, rather than a reflection of the firm’s overall sentiment on Bitcoin.

Read More