Cathie Wood's Ark Invest offloads another $2.8 million worth of its own spot Bitcoin ETF

Reported by The Block: Ark Invest offloaded 44,609 ARKB spot Bitcoin ETF shares on Monday, worth $2.8 million, as the investment firm rebalanced its fund weightings.

The Cathie Wood-led firm has sold a total of $17.5 million in ARKB shares from its ARKW fund but still holds $139.7 million of the spot Bitcoin ETF.

Ark Invest sold 44,609 shares of its ARKB spot Bitcoin exchange-traded fund, worth $2.8 million, from its Next Generation Internet ETF (ARKW) on Monday.

This comes after the firm offloaded shares in its own spot Bitcoin ETF on August 1, selling $6.9 million worth of ARKB.

Ark Invest has now offloaded a total of $17.5 million worth of the Bitcoin ETF, having also sold $7.8 million of ARKB shares in July. The firm's strategy involves letting no individual holding take up more than 10% of an ETF’s portfolio. This is to maintain diversification within its funds, meaning it is likely to continue rebalancing its asset weightings if ARKB gains in value relative to Ark's other holdings in the fund.

According to the firm’s disclosures, ARKB is still the second-largest holding within its ARKW fund, with a weighting of 9.93%, worth $139.7 million, as of Sept. 24. That’s the equivalent of nearly 5% of the spot Bitcoin ETF’s total $2.9 billion in assets under management, according to The Block’s ARK 21Shares Bitcoin ETF page. Tesla stock is the largest holding in the ARKW fund at 10.15%, worth $142.9 million.