Cathie Wood’s Ark Buys More of Its Internal Spot Bitcoin ETF Before Halving, Pauses Tesla Buys – ARK – Benzinga

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Cathie Wood’s Ark Buys More of Its Internal Spot Bitcoin ETF Before Halving, Pauses Tesla Buys – ARK – Benzinga

Friday, Ark Invest by Cathie Wood made a pair trade in cryptocurrency exchange traded funds. The transaction is important because it comes before the highly anticipated date Bitcoin (CRYPTO: BTC) halving, which has since occurred.

Crypto transactions: The arch ARK Next Generation Internet ETF (NYSE:ARKW) purchased 41,068 units of ProShares Ether Strategy ETF (NYSE: EETH) valued at $2.81 million. This was in addition to a purchase worth $2.9 million made on Thursday. On the other hand, the fund sold 28,936 shares of ProShares Bitcoin Strategy ETF (NYSE: BITO) valued at $813,102.

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Ark has increased its holdings in its internal Bitcoin ETF, the ARK 21Shares Bitcoin ETF (CBOE:ARKB), adding 139,152 units valued at $8.96 million. On Thursday, the company purchased $31.19 million worth of ETFs.

The Bitcoin halving occurs approximately every four years to reduce the supply of the cryptocurrency in circulation. The long-awaited event took place on Friday evening. Following the event, Bitcoin, which had surged in anticipation, saw subdued sentiment.

See also: The best ETFs to buy now

Tesla purchases suspended: Ark also chose not to splurge on the electric vehicle giant Tesla, Inc. (NASDAQ:TSLA) shares Friday. The firm bought the stock in three sessions last week as it fell to its lowest level since January 2023, increasing Ark’s holdings by $26.89 million.

THE Elon MuskThe company-led company may suffer more losses next week as it slashed prices of all EV versions in China and all EV versions except the refreshed Model 3 , in the USA. Investors don’t appear to feature prominently in the company’s first-quarter earnings report. , expected on Tuesday, as they expect another double failure for the quarter.

Tesla is the top holding in Ark’s flagship ETF, the Arche Innovation ETF (NYSE:ARKK).

ARKK ended Friday’s session down 2.12% at $42, according to data from Benzinga Pro.

Read next: 5 technologies that could be worth $220 trillion by 2030, predicts Cathie Wood’s ARK: ‘The time is now’

Photo: Shutterstock

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