CathieWood's ArkInvest sells technology stocks and Bitcoin ETFs

On March 28, ArkInvest sold approximately $41 million worth of Meta shares and more than $26 million of Nvidia shares on Thursday. In addition, the company also sold approximately $11 million in its own Bitcoin ETF (ARKB) shares, approximately $6.5 million in crypto exchange Bullish shares, and nearly $5 million in Block shares, a Jack Dorsey company. ArkInvest also reduced its holdings of approximately $2.5 million in Alphabet stock and approximately $7.5 million in AMD stock. Meta's share price has fallen more than 17% in the past month to about $531, including a drop of about 10% in the past week after the platform lost two social media addiction lawsuits. Nvidia has fallen about 5% in the past month while facing a class-action lawsuit over differences in crypto mining revenue. Bitcoin has fallen about 4.8% in the past 24 hours to about $66020, briefly falling below $66000, the lowest level since March 2. After the sell-off, ArkInvest held approximately US$100 million in ARKB, making it its 35th largest position in actively managed ETFs. CathieWood had previously predicted that Bitcoin could reach $1.2 million per coin by 2030.