Ark Invest made a sharp portfolio adjustment on Thursday, selling nearly $41 million of Meta shares, more than $26 million of Nvidia stock, and about $11 million of its own spot Bitcoin ETF, ARKB. The Cathie Wood-led firm also reduced several other technology and crypto-linked positions in a move that drew attention as both Bitcoin and U.S. equities weakened.
Large cuts across major technology names
Data compiled by Decrypt showed that Ark also sold about $2.5 million of Alphabet shares and roughly $7.5 million of AMD stock during the same trading session. The source material said Meta had fallen more than 17% over the past month, with shares trading near $531. About 10% of that decline came in the last week alone. Nvidia, by comparison, was down about 5% over the past month.
Meta’s weakness was tied in the source to losses in two social media addiction lawsuits alleging the company failed to protect younger users. Nvidia was described as facing pressure from uncertainty linked to the Iran conflict, while also dealing with a class-action lawsuit related to shortfalls in cryptocurrency mining revenue.
Crypto exposure was reduced at the same time
Ark’s selling was not limited to technology stocks. The firm also cut crypto-related exposure by offloading about $11 million of ARKB, around $6.5 million of shares in crypto exchange Bullish, and close to $5 million of Block stock, the company led by Jack Dorsey.
The trades amounted to a clear repositioning day. Even after the ARKB sale, the source said Ark still held about $100 million of the fund, making it the 35th-largest position across 96 actively managed ARK ETF portfolios.
Wood still holds a long-term bullish view on Bitcoin
The selling did not erase Cathie Wood’s previously stated long-term stance on Bitcoin. According to the source, she has projected that Bitcoin could reach $1.2 million per coin by 2030. Earlier this year, she also said she was not concerned about an AI bubble and argued that gold, after its strong rise, was the real bubble instead.