Cathie Wood-Led Ark Invest Makes Significant Bitcoin and Solana Trades

On Thursday, Cathie Wood-led Ark Invest made significant trades, most notably offloading ARK 21Shares Bitcoin ETF ARKB and pouring funds into the newly listed 3iQ Solana Staking ETF (SOLQ.U).

On Thursday, Cathie Wood’s Ark Invest made some notable trades, including an exit from a portion of ARK 21Shares Bitcoin ETF ARKB and an addition to the newly listed 3iQ Solana Staking ETF (SOLQ.U) (TSX: SOLQ.U).

ARK Next Generation Internet ETF (ARKW) sold 39,575 shares of ARK 21Shares Bitcoin ETF, part of a broader readjustment of the growth stock portfolio. The move comes as Bitcoin faces pressure with investors holding the world’s largest unrealized losses, now estimated at $20 billion, according to blockchain analytics firm Glassnode.

Bitcoin price is showing surprising resilience despite a broader U.S.-focused risk-off environment. Treasury yields also rose while the dollar showed weakness, rendering the usual narrative of equities exiting in a down-market invalid.

However, with stocks still down and uncertainty high, Bitcoin’s 20% gain over six months showcases its appeal as an alternative asset. In the 24 hours leading up to Thursday's morning session, Bitcoin was up 0.9% at $84,951.

Simultaneously, Ark Fintech Innovation ETF (ARKF) and ARKW bought 475,000 shares of 3iQ Solana Staking ETF (SOLQ.U) for a transaction size of $4.95 million. SOLQ.U closed on Wednesday in Toronto at $10.43.

This move continues Ark’s recent interest in 3iQ Solana Staking ETF, as previously reported by Benzinga. On Wednesday, Ark was spotted scooping up 500,000 shares of SOLQ.U for a transaction size of $5.2 million.

The ETF began trading on the Toronto Stock Exchange on Wednesday with major unitholders including SkyBridge Capital, founded and managed by Anthony Scaramucci. The ETF will hold a long-term position in Solana (CRYPTO: SOL) tokens acquired through over-the-counter counterparties and aims to offer investors "attractive staking rewards," according to a statement from 3iQ, which describes itself as the world’s first Digital Assets Managed Account Platform. Solana was up 2.3% over 24 hours, trading at $134.96.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal