Ark Invest rebalances crypto and tech holdings, cuts Block and bitcoin ETF positions

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Ark Invest rebalances crypto and tech

Highlights

Ark Invest sold 68,997 Block shares ($6.1 million), 49,767 Bullish shares ($1.1 million), and $1.6 million of Ark 21Shares Bitcoin ETF on Monday.
Ark reallocated assets into $16.2 million of Nvidia and $6.8 million of SoFi Technologies, as SoFi's gross crypto transaction revenue rose 20% to $161.6 million.
Nvidia dropped 4.27% to $178.67 after disclosure of a board investigation into CEO Jensen Huang's alleged links to a suspected Chinese spy.

Trading moves across crypto and equities

As reported by The Block, citing Ark's latest trading disclosure, the investment firm sold 68,997 shares of Block worth about $6.1 million and 49,767 shares of Bullish worth about $1.1 million through its exchange-traded funds on Monday.

Ark also sold roughly $1.6 million of its own Ark 21Shares Bitcoin ETF and bought about $16.2 million of Nvidia shares and $6.8 million of SoFi Technologies stock. Block closes up 3.6% at $88.56, while Bullish gains 7% to $22.80.

The Ark 21Shares Bitcoin ETF, which has $2.15 billion in net assets, records $9.9 million in net outflows on Monday. That adds to $201.1 million in total net outflows across U.S. spot bitcoin ETFs for the day.

Company developments and portfolio impact

SoFi shares finish Monday up 3.33% at $16.75. According to the company's latest earnings report, the fintech group has 503,000 crypto products at the end of September, and gross crypto transaction revenue rises 20% quarter over quarter to $161.6 million.

Last month, SoFi launches SoFi Earn, an interest-bearing tokenized deposit that it says marks the first time a U.S. national bank has offered tokenized deposits to individual clients.

Nvidia falls 4.27% to $178.67 on Monday after the AI chipmaker says its board is investigating CEO Jensen Huang's relationship with a woman reportedly identified by intelligence officials as a Chinese spy. The investigation follows a New York Times report last week that says a memo circulated among top U.S. policymakers last spring alleged Chinese businesswoman Alice Huang was recruited by China's Ministry of State Security to gather intelligence on the Nvidia founder.

Ark regularly rebalances ETF weightings to keep individual stock holdings below 10% of a fund's portfolio, which means positions are adjusted as asset prices fluctuate.

This adds to earlier discussion around the S&P 500 rally facing an earnings and interest-rate test amid concentration concerns.

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