MEXCCathie Wood’s Ark Invest Dumps $6.7M ProShares Bitcoin ETF (BITO)
Highlights
- Cathie Wood's Ark Invest dumped a massive stake in the ProShares Bitcoin ETF.
- The firm also accelerated sell-off of the Block Inc. stock.
- It added over $11 million worth of shares in Meta Platforms Inc.
Ark Invest, an investment firm led by Cathie Wood, offloaded a significant share in the ProShares Bitcoin Strategy ETF (BITO). On Thursday, April 25, Ark Invest sold over $6.7 million worth of BITO. In addition, the firm divested a sizable stake in Block Inc. (SQ). On the contrary, it added shares of Meta Platforms Inc. (META).
Ark Invest Divests Stake In ProShares Bitcoin ETF
According to data from Ark Invest Daily on X, the Cathie Wood-led organization dumped 237,983 shares in BITO from ARK Next Generation Internet ETF (ARKW. The sell transaction was worth $6.71 million, considering the latest closing price of the Pro Shares Bitcoin ETF.
On Thursday, the BITO fund closed at $28.22, gaining 1.33% in value. However, after the latest offloading, the ETF witnessed a slight slump in the pre-market session today. At press time, the ProShares Bitcoin Strategy ETF was valued at $28.08, dropping 0.50% from recent close.
Earlier, on April 19, ARKW sold 28,936 shares of BITO while simultaneously increasing its holdings with the acquisition of 139,152 shares of ARKB, ARK’s bitcoin ETF. Moreover, ARK expanded into Ethereum investments, buying 41,068 shares of ProShares Ether ETF.
Also Read: Multiple Bitcoin ETFs Report Net Outflows, GBTC OutFlows Cross $17 Billion
Meta Platforms & Block Portfolio Rebalancing
Apart from divesting ProShares Bitcoin ETF stake, Ark Invest added META shares to ARKW and ARK Innovation ETF (ARKK). The two buy transactions involved 25,355 shares of Meta Platforms. Considering the latest close, the purchase was worth nearly $11.20 million.
Ark Invest seems to be capitalizing on the “buy the dip” strategy as the META stock plunged over 10% on Thursday, closing at $441.38. However, the stock registered a rebound in the pre-market session today as it traded at $446.23, gaining 1.10%.
Whilst, Ark Invest expedited the divestment of the SQ stock. The Cathie Wood-led firm dumped 212,715 shares of the Block Inc. from ARKK and Ark Fintech Innovation ETF (ARKF). The offloading was worth a whopping $15.48 million at the closing price of $72.79, dropping 1.67%. In the pre-market session, the SQ stock was up 0.77% to $73.35 on Friday.
Also Read: Grayscale Bitcoin Trust (GBTC) Sets Unprecedented Outflow Record: What’s Next?
- What’s Behind Ethereum’s Drop: Macro, TVL, DeFi & Liquidity Zones
- Bitcoin ETFs Record Biggest Daily Outflow Since August as OG Whales Cash Out
- CZ Trump Pardon: Binance Founder Denies Any Trump Family Ties
- Odds for December Rate Cut Soar to 71% After Michigan Consumer Sentiment Hits 2nd-Lowest in History
- Breaking: James Chanos Exits MSTR Short After Premium Drop
- After a 17% Jump, Is Litecoin Price Rebound Sustainable Amid Dominant Sell Activity?
- Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
- Bitcoin Price: How Low BTC Could Fall by the End of 2025?
- Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
- Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
