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- ARK Invest buys $9.4M in eToro shares for its Fintech Innovation ETF as platform debuts on Nasdaq.
- Bitcoin ETF holdings worth $7.9M sold, but major assets remain in key investment funds.
- Solana staking ETF and Bitcoin fund see major investments, boosting ARK’s crypto-focused portfolio.
ARK Invest bought more shares in companies that focus on finance and cryptocurrency on Wednesday. The firm purchased $9.4 million of eToro stock, which is a well-known platform for buying and selling cryptocurrencies. This investment was made for the Fintech Innovation ETF (ARKF), which bought eToro stock when it first listed on the Nasdaq with the ticker ETOR that day. eToro’s stock price went up 29% and closed the day at $66.85.
Along with the eToro investment, ARK also sold $7.9 million of its U.S. spot Bitcoin ETF, taking it out of the ARKF and Next Generation Internet (ARKW) funds. Despite selling almost half of the fund’s original position in ARKB, the stocks still make up 9.5% of ARKW’s total and are worth almost $165 million. It also makes up about 6.1% of the ARKF fund, which is worth around $62 million, showing that it’s still important for ARK.
ARK Invest follows a strategy where no single investment makes up more than 10% of any of its funds. This helps the company make changes to its investments if the market starts to change direction. As eToro’s stock price moves up and down, ARK will probably shift some of the funds around to keep its investor money spread out across different assets and better manage the risks.
eToro’s Position in ARKW
ETOR is ranked as the 33rd largest holding in its ARKW fund, making up just about 0.93% of the total assets. For context, the three largest companies in the fund are Coinbase and Robinhood, with values of $100 million, $94 million, and $74 million, and holdings of 9.9%, 9.7%, and 7.4% of the total money in the fund.
ARK also started investing in companies that help grow the Solana market. The firm bought $7.6 million worth of 3IQ’s Solana staking ETF, with a portion of it added to ARKF and the rest to ARKW. These purchases make up about 1% of the Fund’s ARKF holdings and about 0.6% of its ARKW holdings. While the U.S. hasn’t approved a Solana ETF yet, several companies, like Bitwise and Grayscale, are still waiting for approval from the SEC, which could help Solana grow in the future.
ARK’s Bitcoin ETF also collected over $5 million in new investor money, making its total amount of inflows close to $2.7 billion since it started in January 2024. The fund now holds $4.9 billion in assets, showing that ARK’s bets on cryptocurrencies have paid off again. These actions show that ARK still sees fintech and crypto as important parts of its investment plans.
