TLDR
- ARK Invest sold 208,528 GitLab shares worth $8.46 million in trading activity disclosed for November 28
- The investment firm bought 70,125 shares of ARK 21Shares Bitcoin ETF valued at $425,000
- This follows a previous GitLab sale of 646,911 shares worth $26.8 million on November 25
- ARK also sold positions in Iridium Communications, Ibotta, and Exact Sciences
- Transactions spanned ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF
Cathie Wood’s investment firm ARK Invest released trading disclosures for November 28 showing continued sales of GitLab stock. The firm simultaneously increased its holdings in the ARK 21Shares Bitcoin ETF.
ARK sold 208,528 shares of GitLab valued at approximately $8.46 million. The sales occurred through the ARK Innovation ETF and ARK Next Generation Internet ETF.
This marks another large GitLab sale in recent days. On November 25, ARK disposed of 646,911 shares worth about $26.8 million.
The pattern shows ARK is reducing its exposure to the software development platform. GitLab provides version control and DevOps tools for software development teams.
The company went public in 2021 and competes with platforms like GitHub and Bitbucket. GitLab serves enterprise customers across various industries.
More Tech Stock Sales
ARK reduced other technology holdings on November 28. The firm sold 89,446 shares of Iridium Communications valued at roughly $1.47 million.
Iridium operates a global satellite communications network. The company provides voice and data connectivity through its satellite constellation.
ARK sold 22,281 shares of Ibotta worth approximately $523,000. Ibotta runs a consumer rewards platform offering cash back on purchases.
The firm also trimmed its Exact Sciences position by 918 shares valued at about $93,000. Exact Sciences manufactures cancer diagnostic and screening products.
Bitcoin ETF Buying Increases
While selling stocks, ARK Invest added to its cryptocurrency holdings. The firm purchased 70,125 shares of ARK 21Shares Bitcoin ETF worth roughly $425,000.
The purchases happened through ARK Next Generation Internet ETF and ARK Fintech Innovation ETF. ARK 21Shares Bitcoin ETF is a spot Bitcoin fund trading under ticker ARKB.
This continues recent Bitcoin ETF buying by the firm. ARK has made several ARKB purchases over multiple trading days.
Cathie Wood has expressed optimism about Bitcoin’s long-term prospects. Her firm publishes research on cryptocurrency and blockchain technology.
The ARK 21Shares Bitcoin ETF launched in 2024 alongside other spot Bitcoin ETFs. These funds allow investors to gain Bitcoin exposure through traditional brokerage accounts.
ARK’s Investment Approach
ARK manages several thematic exchange-traded funds focused on disruptive innovation. The firm invests in companies developing new technologies across multiple sectors.
ARK Innovation ETF is the company’s largest fund by assets. It holds positions in technology, healthcare, and financial services stocks.
The firm actively manages its portfolios based on research and analysis. ARK rebalances holdings regularly to align with its investment thesis.
ETF managers must disclose trading activity daily to regulators. These filings show all purchases and sales made the previous trading day.
The November 28 trades demonstrate ARK’s ongoing portfolio adjustments. The firm shifted capital from software stocks to cryptocurrency exposure.
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