Ark Invest Sells Millions in Crypto Stocks During Rally

Ark Invest sold millions of dollars in cryptocurrency-related stocks during a market rally that saw Bitcoin and Ethereum rise more than 20% since late August. The investment firm offloaded 13.8 million dollars in Circle Internet Group shares, 7 million dollars in Coinbase Global stock, 3.96 million dollars in Bitmine, and 687,693 dollars in Bullish.

These divestments follow a diversification strategy led by CEO Cathie Wood, which limits any single holding to 10% of a fund's portfolio. Despite the sales, Wood maintains a bullish outlook on the sector, characterizing cryptocurrencies as a key innovation for financial markets.