Ark Invest Sells Chinese Stocks, Buys Bitcoin – Trustnodes

Ark Invest Sells Chinese Stocks, Buys Bitcoin

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Cathie Wood

Ark Invest has been getting out of Chinese stocks amid a sell off that has plunged most Chinese stocks down 10% over the past month following surprising intervention in the market by the Chinese Communist Party (CCP).

The ARK Innovation ETF has reduced its exposure to just 0.32% of its $23 billion in assets invested in Chinese companies, compared to 8% in February.

The ARK Next Generation Internet ETF still has about 3.8% invested in Chinese stocks, but that’s down from 9% earlier this year.

At the same time, Ark Invest has been buying bitcoin. The ARK Cryptocurrency U.S. Fund LLC bought $20 million in May.

Last week, the ARX Next Generation ETF bought 140,157 Grayscale shares (GBTC), just a day after buying 310,000 such shares, bringing it to a total of $11 million at the current price.

They have also bought close to a million (876,157) Coinbase shares worth more than $200 million at the current trading price, in addition to $88.74 million of Twitter shares after Jack Dorsey said bitcoin will be a “big part” of the social media company’s future.

Whether other investors will follow out of China and into bitcoin remains to be seen, but there is an estimated one trillion dollars on the move looking for new investment as the Chinese stocks sell-off deepens.

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