U.Today - In a surprising turn of events, Ark Invest CEO Cathie Wood been "quietly decreasing" her exposure to Bitcoin (BTC) holdings, sparking speculation and concerns among investors. The news broke when WhaleWire, a prominent source of cryptocurrency market insights, tweeted a revelation that Wood has been decreasing her Bitcoin exposure while publicly maintaining a bullish outlook on the leading cryptocurrency.
The tweet mentioned that in the previous week, Cathie Wood had attracted attention for promoting unrealistic BTC predictions, suggesting a surge beyond $1,480,000. In contrast to her public bullish stance, ETF Trading data indicated that she had been discreetly offloading more than 700,000 shares of Bitcoin Grayscale Trust through her Ark ETF, resulting in a significant reduction in Ark's BTC exposure.
The tweet drew parallels with a similar scenario in 2021 when Woods was encouraging people to buy Tesla (NASDAQ:TSLA) shares and setting ARK's price targets at $3,000, all while covertly reducing their positions by -84%. The current situation, as speculated by the tweet, raises questions about the transparency of Wood's investment strategy and the potential impact on Ark Invest's overall portfolio performance.
Wood on Spot Bitcoin approval
Interestingly, Ark Invest has submitted an application for a spot Bitcoin ETF, and Wood highlighted a noteworthy development with the Securities and Exchange Commission (SEC). Instead of an outright rejection, the SEC followed up on Ark's latest application with questions, leading Wood to speculate that "something has changed" in the regulatory landscape. According to Wood, this change increases the likelihood of the spot Bitcoin ETF gaining approval.