Ark Invest, the investment firm led by prominent tech investor Cathie Wood, offloaded significant positions in several major technology and cryptocurrency-related assets on Thursday. The firm sold nearly $41 million worth of shares in Meta and more than $26 million in Nvidia. Both stocks continued to slide after Friday’s opening bell, falling 2.98% and 1.55%, respectively.
Meta has faced a particularly difficult stretch over the past month, declining more than 17% to trade around $531 per share. Roughly 10 percentage points of those losses came within the last week alone, after the social media company lost two lawsuits alleging it failed to protect young users from social media addiction. Nvidia, while more resilient, has still slipped approximately 5% over the same period amid uncertainty tied to the conflict in Iran, and the chipmaker also faces a class action lawsuit over alleged gaps in reported cryptocurrency mining revenue.
Ark’s actively managed funds also reduced exposure to other widely held technology names. The firm sold approximately $7.5 million in shares of Advanced Micro Devices and around $2.5 million in Alphabet, the parent company of Google. Both stocks were also under pressure in Friday trading, with Alphabet down 1% and Advanced Micro Devices falling 2.27% since the session opened.
Beyond equities, Ark Invest moved to reduce its cryptocurrency exposure on Thursday as well. The firm divested roughly $11 million worth of shares in its own spot Bitcoin exchange-traded fund, known as ARKB, and shed about $6.5 million in shares of crypto exchange Bullish. It also sold nearly $5 million in Block, the payments company founded by Bitcoin advocate Jack Dorsey, which operates several Bitcoin-focused products.
Bitcoin, the leading cryptocurrency by market value, has dropped approximately 4.8% in the past 24 hours, trading around $66,020 and briefly falling below $66,000 for the first time since early March. Bullish has declined nearly 3.5% over the same period and is now down close to 44% over the past six months as broader crypto markets continue to weaken. The sell-off across digital assets adds context to Ark’s decision to pare back its holdings in the sector.
Despite the sales, Wood has consistently expressed strong optimism about Bitcoin’s long-term prospects, including a forecast that the cryptocurrency could reach $1.2 million per coin by 2030. Following Thursday’s transactions, Ark holds approximately $100 million in ARKB, which now ranks as the 35th largest position among its actively managed ETFs out of 96 total holdings, according to data from the tracking site Cathie’s Ark.
Earlier this year, Wood dismissed concerns about a bubble forming in artificial intelligence, arguing instead that precious metals and the rally in gold represented a more significant speculative excess. As of Friday, gold had retreated around 20% from its yearly high, recently changing hands at approximately $4,483 per ounce. The broader context of declining asset prices across tech, crypto, and commodities underscores the challenging environment Ark and other growth-focused investors are navigating.
Originally reported by Decrypt.
