Ark Invest Sheds $6.9 Million in BTC Spot ETF

IconCryptoNewsTerminal Staff02 Aug, 2024

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Ark Invest Sheds $6.9 Million in BTC Spot ETF

Ark Invest, the investment firm led by Cathie Wood, has sold a significant portion of its Bitcoin spot exchange-traded fund (ETF). According to The Block, Ark Invest sold 108,751 shares of its ARKB ETF, amounting to approximately $6.9 million. This move comes amid a broader sell-off in the cryptocurrency market, with Bitcoin's price recently dipping below $24,000. Ark Invest's sale of ARKB shares suggests that the firm is taking a more cautious stance on Bitcoin in the current market environment. However, it's worth noting that Ark Invest remains a major investor in Bitcoin and has repeatedly expressed its belief in the long-term potential of the cryptocurrency.