Cathie Wood's Ark Buys More Of Its In-House Spot Bitcoin ETF Ahead Of Halving, Pauses Tesla Buying

Shanthi Rexaline

April 21, 2024

On Friday, Cathie Wood’s Ark Invest did a pair trade in cryptocurrency exchange-traded funds. The transaction is significant as it came ahead of the much-awaited Bitcoin (CRYPTO: BTC) halving, which has since taken place.

Crypto Transactions: Ark’s ARK Next Generation Internet ETF (NYSE:ARKW) bought 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 on Thursday. On the other hand, the fund sold 28,936 units of ProShares Bitcoin Strategy ETF (NYSE:BITO) valued at $813,102.

Ark beefed up its holdings of its in-house spot Bitcoin ETF, the ARK 21Shares Bitcoin ETF (CBOE: ARKB), adding 139,152 units valued at $8.96 million. On Thursday, the firm bought $31.19 million worth of the ETF.

The Bitcoin halving happens roughly every four years to reduce the supply of the apex crypto in circulation. The much awaited event occurred late Friday. Following the event, Bitcoin, which had surged in anticipation, has experienced subdued sentiment.

See Also: Best ETFs To Buy Right Now

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

The Elon Musk-led company could be staring at more losses next week, as it slashed prices of all EV trims in China and all but the refreshed Model 3 EV trim in the U.S. Investors don’t appear to be high on the company’s first-quarter earnings report, due on Tuesday, as they are anticipating another double miss for the quarter.

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

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

Read Next: 5 Technologies That Could Be Worth $220 Trillion By 2030, Cathie Wood’s ARK Predicts: ‘The Time Is Now’

Photo: Shutterstock

Recommended

Could Elon Musk's New Device Save Us from A.I. Apocalypse? - Ad

Market Warning: Don't Buy This... - Ad

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

Former President Donald Trump could see a strategic victory in his Supreme Court case, even if the court dismisses his claim regarding presidential immunity.

Biden Vs. Trump Contest Could Be Lost Cause For One Candidate If History Were Anything To Go By, According To Pollster

The 2024 election is viewed as closely contested at this stage, with no clear lead emerging, but historical trends suggest a likely winner.

The No. 1 Crypto for 2024

The No. 1 Crypto for 2024 - Ad

It's expected to soar 20X bigger than Bitcoin.

Trump's Niece Says Letitia James 'Holds Donald's Feet To Fire' As Ex-President Grapples With Consequences Of Years Of Flouting Law: 'Beginning Of...Reckoning'

Mary Trump also said Donald Trump's "biggest fear is coming true."

Courtroom Appearances By These Two Members Of Donald Trump's Family Could Help Him In Hush-Money Trial, Say Experts

As former President Donald Trump faces a hush-money trial, legal experts suggest that the presence of his wife, former First Lady Melania Trump, and daughter, Ivanka Trump, could significantly influence t

Must-See: Elon's New Invention is Absolutely Insane

Must-See: Elon's New Invention is Absolutely Insane - Ad

When you click here and see what Elon Musk's new invention does... And how it works... You will NOT believe it. You'll tell yourself this is just science fiction. But Elon just tested this in a real human... And the result was mind-blowing.

Campaign to build new California city submits signatures to get on November ballot

SAN FRANCISCO (AP) — A wealthy Silicon Valley-backed campaign to build a green city for up to 400,000 people in the San Francisco Bay Area has submitted what it says are enough signatures to qualify the initiative for the November election.

Top 3 Real Estate Stocks That Are Set To Fly In April

The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down.

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..."

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

The former Goldman Sachs VP -- who called everything from Microsoft's 1,100% surge... to the death of the 60/40 portfolio -- is now stepping forward with his most explicit message yet: "Make this ONE STOCK the cornerstone of your portfolio."

A strong quarter for Wall Street lifts Goldman's first-quarter results

NEW YORK (AP) — Goldman Sachs said it saw a double digit rise in its first quarter profits on Monday, lifted broadly by the stock and bond markets' performances in the first months of the year.

RTX Soars Above Estimates in Q1, Reiterates FY24 Outlook

RTX Corporation (NYSE: RTX) reported 12% increase in Q1 FY24 net sales to $19.3 billion, beating consensus. Collins Aerospace and Pratt & Whitney drove the growth.

A.I. Pioneer Issues Urgent Warning to Americans

A.I. Pioneer Issues Urgent Warning to Americans - Ad

According to one early A.I. pioneer: "You can either use this as an unfair advantage to grow your wealth, or you can let it ravage your retirement savings. There's no middle option."

Vingroup's VinFast Faces Financial Risks Amidst Global Ambitions, With $5.7B Loss Over Past Three Years

Vingroup's VinFast faces financial risks as it expands globally, grappling with a $5.7 billion loss over three years.

Chinese Embassy Condemns Proposed U.S. Tariffs As Examples Of Unilateralism And Protectionism, As Biden Seeks To Court Critical Voters

Biden's tariff warnings indicate continuing U.S.-China tensions, leading to criticism from the Chinese embassy.

Forget AI, Imperium Is Expected to Grow 320,000% In 3 Years

Forget AI, Imperium Is Expected to Grow 320,000% In 3 Years - Ad

Three of the world's biggest AI companies -- Google, Nvidia and Intel -- have even partnered with my No. 1 Imperium company to get on this massive mega trend. The average investor hasn't caught on yet, but you can still invest in my No. 1 Imperium company for just $10 a share.

Netflix Stock Sized Up By 7 Analysts Post Q1 Results: 'Pivot From A High-Growth, Low-Profit Business To A Slow-Growth, High-Profit Business'

Streaming leader Netflix reported first quarter financial results that were higher than estimates. The company's outlook and decision to stop reporting subscriber figures are weighing on analysts.

Why Media Company Omnicom Shares Are Trading Higher Premarket Today

Omnicom Group reported 5.4% revenue growth, with organic growth of 4.0%. Adjusted EPS beat expectations.

READ THIS If You Missed Out on the AI Boom

READ THIS If You Missed Out on the AI Boom - Ad

Radical new biotechnology predicted to grow 320,000% in 3 years. Nvidia's CEO calls it "the next amazing revolution." And one small company poised to dominate this revolution trades for just $10.

Elon Musk Gets Fresh Challenge In His X Plans As Naval's Airchat App Begins Making Buzz

AngelList co-founder Naval Ravikant has launched a new social media app called Airchat, to take on Elon Musk's hate speech-inundated X.

Amid Latest Indictments, Former Trump Aide Slams Ex-President Over Treatment Of 'Bodies Around Him': 'He Takes Out Everybody Who Is Loyal To Him'

Cassidy Hutchinson, a former aide to Donald Trump, publicly expressed her disapproval of the ex-president following the recent indictments of his associates in the Arizona fake electors scheme.

Jeff Bezos' Next Trillion Dollar Bet (shocking)

Jeff Bezos' Next Trillion Dollar Bet (shocking) - Ad

Wall Street legend has just uncovered one tiny Maryland company that could become the next Nvidia. Few in the media are talking about this story yet...but in the next 6 months that's all they'll talk about.

Alibaba Rival Temu Joins Tech Giants List Under EU Scrutiny, Crosses User Threshold for Enhanced Regulation

Temu, rival of Alibaba Group, will face strict EU regulations for online content as its monthly users in Europe surpass 45 million threshold.

Taiwan Bolsters 'Chip Diplomacy' With Canada And France Amid China Tensions

In a move to bolster its global standing, Taiwan has extended its 'chip diplomacy' to the Czech Republic, signing a tech pact with the U.S., Canada, France, and Germany in recent months.

5 Wall Street Legends Just Bought This One Stock

5 Wall Street Legends Just Bought This One Stock - Ad

"If you're not at the table, you're on the menu," says former Goldman Sachs VP, Dr. David Eifrig.

Elon Musk's FSD Is The End Of Manual Driving? Tesla Bull Gene Munster Believes 'Somebody Born Today Is Probably Never Going To Drive A Car'

Tesla has decided to reduce the price of its 'full self-driving' subscription by half to $99 per month. This decision has led Gene Munster, Managing Partner at Deepwater Asset Management, to predict the end of manual driving.

Nike's Sneaker Coup: Reportedly Nears Lucrative Deal With Basketball Sensation Caitlin Clark

Nike reportedly strikes a game-changing endorsement pact with basketball prodigy Caitlin Clark, ahead of her WNBA debut in May. The rising star, freshly picked by the Indiana Fever, is set to headline her own signature shoe line under Nike, echoing the brand's commitment to nurturing young talent.

Jeff Bezos Just Humiliated Elon Musk

Jeff Bezos Just Humiliated Elon Musk - Ad

Voters Reveal Whether They Feel Donald Trump Is Receiving Fair Treatment In Court In Latest Poll â€” What That Means For Former President's Election Chances

Amid Donald Trump's trial, a sharp national divide has arisen, with only 13% seeing fair treatment.

US Regulators Seize Republic First Bancorp, Fulton Bank Steps In As Buyer Amid Regional Banking Woes

Regional bank crisis continues as Republic First Bancorp is seized by U.S. regulators and sold to Fulton Bank.

Market Warning: Is BTC is Just the Start?

Market Warning: Is BTC is Just the Start? - Ad

Missed out the AI craze, or BTC's 40% jump? 50-year Wall Street veteran Marc Chaikin just detailed another way to play this market rally.

Tesla Bull Says 'Don't Know...What's Going To Happen To TSLA Stock Next Week' Ahead Of Earnings Call: 'Much Depends On...'

Black expects the $25K compact's production to commence in 2026, despite the prioritization of the robotaxi project.

Goldman Sachs Thinks GE Vernova Is Uniquely Positioned To Electrify And Decarbonize Future

Goldman Sachs analyst Joe Ritchie kicks off coverage on GE Vernova with a Buy rating, projecting a target price of $154. Highlighting GEV's significant global electricity contribution and advanced grid technologies, Ritchie anticipates double-digit profitability for the Power business by 2024.

Stock Alert: "Red Flag" Warning

Stock Alert: "Red Flag" Warning - Ad

The Wall Street legend who called the 2020 tech crash just issued a jarring warning about the AI market.

Asia Up, Europe Mixed, While Yen Surges Against Dollar - Global Markets Today While US Slept

US stock markets closed higher, driven by strong earnings and mild inflation data. Asian markets also gained, while eurozone and oil prices dipped.

NY AG Letitia James Seeks To Void Trump's $175M Bond In Civil Fraud Case

The New York Attorney General Letitia James' office has moved to invalidate the $175 million bond secured by former President Donald Trump.

Could Elon's New Device be Bigger than the iPhone?

Could Elon's New Device be Bigger than the iPhone? - Ad

According to 30-year Silicon Valley and Wall Street veteran, Eric Fry... A man who picked 41 plays that jumped 1,000%+... This mind-blowing new technology could be bigger than the iPhone. And it could make a lot of people wealthy in the coming months and years.

TikTok Sale Or Ban? Social Media Giant's Future Hangs In Balance As House Passes Controversial Bill

On Saturday, the U.S. House of Representatives passed a bill that could significantly impact the future of TikTok in the U.S.

Vertex Pharma scientist talks about the long road to developing non-addictive painkillers

WASHINGTON (AP) — For decades, patients seeking medication for pain have had two choices: over-the-counter drugs like aspirin or powerful prescription opioids like oxycodone.

Central Banks Buying Gold in Record Numbers

Central Banks Buying Gold in Record Numbers - Ad

Most folks have completely missed the fact that the world's Central Banks have been quietly gobbling up as much gold as they can... Stacking it in their locked vaults on pallets in record numbers. Find out why right here (and see what you can do to get in too with just a few dollars).

Elon Musk Reacts To NPR CEO's Remarks On Freedom Of Speech: 'Super-Powerful AI Programmed In This Way Has Severe Civilization-Level Risk'

Musk, the CEO of Tesla Inc and SpaceX, reacted to a post by venture capitalist Marc Andreessen on Wednesday, warning of the "civilization-level risks" posed by super-powerful AI.