Cathie Wood’s Ark Invest sold significant holdings in major tech stocks and its own Bitcoin ETF on Thursday, as markets faced continued pressure. The firm parted with nearly $41 million in Meta shares and over $26 million in Nvidia, alongside an $11 million reduction in its spot Bitcoin ETF (ARKB). These moves occurred during a sustained market downturn, with uncertainty in Iran impacting stocks and cryptocurrencies.
Ark Invest, the investment firm of notable tech investor Cathie Wood, shed millions of dollars’ worth of shares of major tech stocks on Thursday. The firm significantly trimmed positions in Nvidia and Meta while also diminishing its exposure to Bitcoin via its own Bitcoin ETF.
The firm’s Thursday activity saw it part with nearly $41 million worth of Meta (META) and more than $26 million in Nvidia (NVDA). Both stocks fell further on Friday, dropping 2.98% and 1.55%, respectively, amid broader market declines.
Meta has dropped more than 17% over the last month, with around 10% of those losses coming in the last week. The decline followed the social media platform losing a pair of social media addiction lawsuits that said it failed to protect young users.
Nvidia has dipped around 5% in the last month as uncertainty surrounds the conflict in Iran. The firm was also hit with a class action lawsuit over alleged crypto mining revenue gaps.
The actively managed ARK ETFs also sold around $2.5 million in Alphabet (GOOG) and $7.5 million in Advanced Micro Devices (AMD). Beyond tech stocks, Ark Invest divested about $6.5 million in shares of crypto exchange Bullish and nearly $5 million worth of Block (XYZ).
Ark also shed around $11 million worth of shares in its spot Bitcoin ETF (ARKB). Bitcoin fell around 4.8% in the last 24 hours, briefly touching its lowest price since March 2 below $66,000.
After Thursday’s sales, the firm holds around $100 million in ARKB. According to data from Cathie’s Ark, this makes it the 35th largest holding among actively managed ARK ETFs out of 96 total positions.
