The flagship exchange-traded fund of ARK Invest has fallen to its lowest level in five years after cryptoworld’s latest crisis sent risk assets into a tailspin this week.
Ark Innovation (АРКК), the firm’s beleaguered main ETF, sank more than 6.5% to $32.57 on Wednesday, deepening the fund’s loss to nearly 80% from its February 2021 high.
As of Tuesday’s close, fund is down about 63% so far in 2022.
The slide came as crypto-related stocks cratered following the rapid collapse of FTX, the digital asset exchange run by billionaire Sam Bankman-Fried.
ARKK holdings Coinbase (КОВИНА) and Block (SQ) fell roughly 10% and 9%, respectively, on Wednesday. Roblox (РБЛКС), another favorite of Wood dabbling in crypto, tanked 21%.
The famed fund manager has been a staunch cryptocurrency bull, forecasting earlier this year that the Bitcoin (БТЦ-УСД) would top $1 million by 2023. After reports Wednesday afternoon that Binance, the world’s largest crypto exchange, backed out of an emergency deal to acquire FTX as it faces potential insolvency. Bitcoin пао испод 16,000 долара на вестима.
Even as the sudden downfall of FTX and concerns around its partnerships rattled the crypto ecosystem this week, Wood expanded her holdings of Coinbase — the second-largest crypto exchange по обиму.
On Tuesday, ARK Invest snapped up more than 420,000 shares of the company, per a transaction report from the firm, after it fell roughly 11% – and before it posted another loss of nearly that magnitude Wednesday following the firm’s dip purchase.
Coinbase CEO Brian Armstrong asserted Tuesday on Twitter that his company did not have any material exposure to FTX or its subsidiaries.
In a webcast hosted by ARK earlier this week, Wood also said the reported acquisition of the exchange would boost its remaining competitors — but that was before Binance’s backed out of acquiring ФТКС.
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Source: https://finance.yahoo.com/news/cathie-wood-arkk-hits-2017-low-ftx-collapse-crypto-crash-113509040.html