Ark Invest Offloads $2.8 Million in Bitcoin ETF Shares
24.09.2024 17:00 1 min. read Alexander Stefanov
On Monday, Ark Invest sold 44,609 shares of its spot Bitcoin exchange traded fund ARKB worth $2.8 million from its ETF Next Generation Internet (ARKW).
In total, Ark Invest has now divested $17.5 million from the Bitcoin ETF, including $7.8 million in ARKB shares sold in July.
The company’s investment strategy mandates that no single stock should exceed 10% of the ETF’s portfolio, a practice aimed at maintaining diversification within its funds.
That suggests Ark will likely continue to rebalance its asset allocation if ARKB appreciates relative to its other investments.
ARKB remains the second-largest holding in its ARKW fund, accounting for 9.93% of the fund’s total value, valued at $139.7 million as of Sept. 24, according to company disclosures. That represents nearly 5% of the spot Bitcoin ETF’s total assets under management, which amount to $2.9 billion.
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