Cathie Wood's Ark Buys More Of Its In-House Spot Bitcoin ETF Ahead Of Halving, Pauses Tesla Buying

Shanthi Rexaline

April 21, 2024

On Friday, Cathie Wood’s Ark Invest did a pair trade in cryptocurrency exchange-traded funds. The transaction is significant as it came ahead of the much-awaited Bitcoin (CRYPTO: BTC) halving, which has since taken place.

Crypto Transactions: Ark’s ARK Next Generation Internet ETF (NYSE:ARKW) bought 41,068 units of ProShares Ether Strategy ETF (NYSE:EETH) valued at $2.81 million. This was in addition to a purchase worth $2.9 million on Thursday. On the other hand, the fund sold 28,936 units of ProShares Bitcoin Strategy ETF (NYSE:BITO) valued at $813,102.

Ark beefed up its holdings of its in-house spot Bitcoin ETF, the ARK 21Shares Bitcoin ETF (CBOE: ARKB), adding 139,152 units valued at $8.96 million. On Thursday, the firm bought $31.19 million worth of the ETF.

The Bitcoin halving happens roughly every four years to reduce the supply of the apex crypto in circulation. The much awaited event occurred late Friday. Following the event, Bitcoin, which had surged in anticipation, has experienced subdued sentiment.

See Also: Best ETFs To Buy Right Now

Tesla Buying Paused: Ark also chose not to splurge on electric vehicle giant Tesla, Inc.’s (NASDAQ:TSLA) shares on Friday. The firm purchased the stock in three sessions last week as it retreated to its lowest point since January 2023, increasing Ark’s holdings by $26.89 million.

The Elon Musk-led company could be staring at more losses next week, as it slashed prices of all EV trims in China and all but the refreshed Model 3 EV trim in the U.S. Investors don’t appear to be high on the company’s first-quarter earnings report, due on Tuesday, as they are anticipating another double miss for the quarter.

Tesla is the top holding of Ark’s flagship ETF, the Ark Innovation ETF (NYSE:ARKK).

ARKK ended Friday’s session down 2.12% to $42, according to Benzinga Pro data.

Read Next: 5 Technologies That Could Be Worth $220 Trillion By 2030, Cathie Wood’s ARK Predicts: ‘The Time Is Now’

Photo: Shutterstock

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