Cathie Wood’s ARK Invest is reshuffling its crypto exposure across flagship ETFs, snapping up shares of crypto exchange operator Bullish (NYSE:BLSH), while trimming holdings in Coinbase Global Inc (NASDAQ:COIN), according to a Coincentral report, in a move that may reflect shifting bets on where the next phase of digital-asset growth could emerge.
In all, ARK bought roughly 716,030 shares of Bullish which ended Thursday at $24.90, across the flagship ARK Innovation ETF (BATS:ARKK), ARK Next Generation Internet ETF (BATS:ARKW) and ARK Fintech Innovation ETF (BATS:ARKF), for roughly $17.8 million.
Simultaneously, ARK sold around 119,236 shares of Coinbase from those funds, at a value of about $17.4 million.
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ETF Positioning Hints At Selective Crypto Exposure
Bullish now has 1.68% of ARKK’s holdings, 1.43% of ARKW and 2.37% of ARKF, with Coinbase remaining a larger holding overall, roughly 3.7% of ARKK, 3.44% of ARKW and 4.95% of ARKF.
The repositioning comes as crypto markets navigate an increasingly volatile period. Bitcoin has fallen nearly 20% over the past week before recovering to cross $68,000 on Friday. Crypto-related equities exchanges have emulated that volatility.
For ARK, though, it illustrates perhaps something more salient: a willingness and preparedness among the ETF investor community to stay exposed to the infrastructure of digital assets without heavy concentration into any particular platform.
Bullish Earnings Provide A Tactical Catalyst
ARK’s purchase came in response to Bullish’s quarterly earnings, which managed to beat Wall Street analysts’ expectations despite reporting continued losses. This came in the form of a loss per share of $3.73, along with revenue generated of $92.5 million, which beat analysts’ expectations.
Revenue grew by nearly 68% year over year, implying higher trading volumes despite an improvement in digital asset sales volumes.
However, Bullish stock itself has seen difficulty lately, losing ground significantly in recent months, which can be taken as an opportunity according to ARK.
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Crypto ETFs Face A Sentiment Test
The ETF factor goes beyond ARK’s actively managed funds. Crypto-linked ETFs, including blockchain equity and digital economy-type funds, usually get direction from exchange profitability, trading volumes and Bitcoin price direction.
If Bitcoin stabilizes, exchange-centric equities could pick up again, potentially favoring ETFs that have high fintech and crypto infrastructure holdings. However, continued volatility could keep ETFs at a more tactical rather than aggressive investment pace.
The latest trade by ARK appears to be a bullish bet on digital assets, combined with a degree of flexibility within the sector based on changing market leaders.
Photo: Cathie Wood, courtesy Ark Invest
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This article Cathie Wood Makes $17 Million Crypto Shift — ARK ETFs Rotate From Coinbase To Bullish originally appeared on Benzinga.com
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