Cathie Wood's Ark Invest Sells Off Tech Stocks and Bitcoin ETF

Odaily News Ark Invest sold approximately $41 million worth of Meta shares and over $26 million worth of Nvidia shares on Thursday. Additionally, the firm sold around $11 million worth of its own Bitcoin ETF (ARKB) shares, approximately $6.5 million worth of shares in the cryptocurrency exchange Bullish, and nearly $5 million worth of shares in Jack Dorsey's company Block. Ark Invest also reduced its holdings by about $2.5 million in Alphabet shares and roughly $7.5 million in AMD shares.

Meta's stock price has fallen over 17% in the past month to around $531, with a drop of about 10% in the past week, following the platform's loss in two social media addiction lawsuits. Nvidia has declined around 5% over the past month and is facing a class-action lawsuit regarding discrepancies in crypto mining revenue. Bitcoin has fallen approximately 4.8% in the past 24 hours to around $66,020, briefly dipping below $66,000, marking its lowest level since March 2nd.

After the sell-off, Ark Invest holds approximately $100 million in ARKB, making it the 35th largest holding within its actively managed ETFs. Cathie Wood previously predicted that Bitcoin could reach $1.2 million per coin by 2030.