Bitcoin-Friendly Cathie Wood’s ARK Keeps Dumping Shares of Coinbase, GBTC, Square, Tesla, Here’s Why

Bitcoin-Friendly Cathie Wood’s ARK Keeps Dumping Shares of Coinbase, GBTC, Square, Tesla, Here’s Why

According to a recent tweet of the Chinese journalist Colin Wu, who covers everything to do with blockchain and cryptocurrencies, Cathie Wood’s ARKK exchange-traded fund continues to reduce its holdings of stocks that belong with Coinbase, Square, and other Bitcoin- and crypto related companies.

Other tech companies, such as Tesla, are also on that list.

ARK Invest’s ETF keeps dropping crypto-related shares

Data shared by Wu shows that ARKK has been reducing its holdings of shares that belong to large cryptocurrency-related companies and tech companies as well.

Thus, the amount of shares of Coinbase, Square, Twitter and Tesla owned by ARKK has seen a decline.

The reason cited for this is the downtrend of tech companies’ stocks. Now, ARKK has reduced its ownership of Coinbase stocks by 92,570 shares, Jack Dorsey’s Square Inc number of shares has fallen by 138,398, Twitter shares by 49,608.

Wu claims that among those companies is also Grayscale Bitcoin Trust (ARRK’s holdings are down by 191,181 GBTC).

However, the source-list does not contain this Barry Silbert-affiliated company.

Chaincatcher news, ARK Invest has continued to reduce its holdings of Coinabse stocks and GBTC in the past week. Among them, 92570 Coinbase shares and 191,181 GBTC shares have been reduced. The total value is approximately US$31.03 million.— Wu Blockchain (@WuBlockchain) August 17, 2021

Cathie Wood’s ARK invested in Twitter on Dorsey’s Bitcoin announcement

Previously this year, U.Today reported that Ark Invest bought a $88.74 million worth of Twitter shares (TWTR) (123,786 of them was purchased) after the social network’s CEO Jack Dorsey announced that Bitcoin is going to play a big role in the future of Twitter.

In late July, ARK also grabbed some more Coinbase shares (COIN) and bought Square shares after Dorsey tweeted that this payment firm, built by the Twitter team, plans to develop and launch a DeFi platform.