Cathie Wood's Ark Invest sells $7.8 million of its own spot Bitcoin ETF

Ark Invest sold 118,209 shares of its ARKB spot Bitcoin BTC -3.27% exchange-traded fund, worth $7.76 million, from its Next Generation Internet ETF (ARKW) on Wednesday.

This is the first time the Cathie Wood-led investment firm has sold shares in the Ark Invest and 21Shares-issued ARKB since the spot Bitcoin ETFs launched in January.

Ark’s investment strategy aims to let no individual holding take up more than 10% of an ETF’s portfolio. This is to maintain diversification within its funds — meaning it is likely to continue rebalancing its weightings if ARKB rises relative to Ark's other holdings in the fund.

According to the firm’s latest disclosures, ARKB is the largest holding within its ARKW ETF, with a weighting of 10.98% as of July 24, ahead of Tesla, Roku and Coinbase shares on 9.5%, 8.48% and 8.23%, respectively.

ARKW’s ARKB holdings have a market value of $162.5 million, with the spot Bitcoin ETF up around 31% since inception. Overall, ARKW’s fund has gained 33% over the past year.

ARKB traded for $65.62 at market close on Wednesday, flat for the day with a gain of 0.17%. Bitcoin fell nearly 1% yesterday, according to The Block’s bitcoin price page and is currently trading for $64,491.

ARKB/USD price chart. Image: TradingView .

Last week, Ark sold a substantial amount of Coinbase shares from the same ARKW fund, worth $4.3 million, for the first time since May . It also scooped up $3.5 million worth of CrowdStrike shares on the same day amid the global Microsoft IT outage linked to the cybersecurity firm.