On Friday, Cathie Wood's Ark Invest did a pair trade in cryptocurrency exchange-traded funds. The transaction is significant as it came ahead of the much-awaited $Bitcoin (BTC.CC)$ halving, which has since taken place.
Crypto Transactions: Ark's $ARK Next Generation Internet ETF (ARKW.US)$ bought 41,068 units of $ProShares Ether Strategy ETF (EETH.US)$ valued at $2.81 million. This was in addition to a purchase worth $2.9 million on Thursday. On the other hand, the fund sold 28,936 units of $ProShares Bitcoin Strategy ETF (BITO.US)$ valued at $813,102.
Ark beefed up its holdings of its in-house spot Bitcoin ETF, the $ARK 21Shares Bitcoin ETF (ARKB.US)$, adding 139,152 units valued at $8.96 million. On Thursday, the firm bought $31.19 million worth of the ETF.
The Bitcoin halving happens roughly every four years to reduce the supply of the $APEX (5088.MY)$ crypto in circulation. The much awaited event occurred late Friday. Following the event, Bitcoin, which had surged in anticipation, has experienced subdued sentiment.
$Tesla (TSLA.US)$ Buying Paused: Ark also chose not to splurge on electric vehicle giant Tesla, Inc.'s (NASDAQ:TSLA) shares on Friday. The firm purchased the stock in three sessions last week as it retreated to its lowest point since January 2023, increasing Ark's holdings by $26.89 million.
The Elon Musk-led company could be staring at more losses next week, as it slashed prices of all EV trims in China and all but the refreshed Model 3 EV trim in the U.S. Investors don't appear to be high on the company's first-quarter earnings report, due on Tuesday, as they are anticipating another double miss for the quarter.
Tesla is the top holding of Ark's flagship ETF, the $ARK Innovation ETF (ARKK.US)$.
ARKK ended Friday's session down 2.12% to $42, according to Benzinga Pro data.