TLDR
- Cathie Wood’s ARK Invest sold 41,892 Palantir shares worth $8.15 million on October 31, continuing a week-long reduction in the stock ahead of its Q3 earnings report on November 3
- ARK purchased over $5 million in Bullish exchange shares across three ETFs, adding to its $172 million investment from the exchange’s NYSE debut
- The fund also sold $3.78 million in Kratos Defense shares and $1.93 million in Shopify stock, marking the second week of Shopify selling
- ARK bought 38,846 shares of Intellia Therapeutics worth $476,640, continuing to build its position in the gene-editing company
- Bullish exchange launched in 20 US states after securing New York’s BitLicense and money transmission license, with shares closing at $50.57 on Friday
Cathie Wood’s ARK Invest made several portfolio changes on October 31, with the biggest move being a $8.15 million sale of Palantir shares. The ARK Innovation ETF sold 41,892 shares of the data analytics company.
This sale continues a pattern from earlier in the week. ARK has been reducing its Palantir position after the stock’s recent gains.
Palantir Technologies Inc., PLTR
The timing comes just before Palantir reports third-quarter earnings on November 3. Analysts expect earnings of $0.17 per share, up 70% from last year.
Revenue is projected to reach $1.09 billion, a nearly 50% increase year-over-year. The growth is tied to demand for Palantir’s Artificial Intelligence Platform.
ARK also sold 42,865 shares of Kratos Defense & Security Solutions worth $3.78 million. The defense contractor sale shows Wood moving away from defense stocks.
The fund sold 11,142 shares of Shopify through its ARK Fintech Innovation ETF for $1.93 million. This marks the second consecutive week of Shopify selling.
On the buying side, ARK made a major purchase in the crypto space. The fund bought 105,013 shares of Bullish across three different ETFs for $5.25 million total.
Growing Blockchain Investment
The Bullish purchase adds to ARK’s existing stake in the digital asset exchange. In mid-October, ARK bought $8.27 million worth of Bullish shares.
When Bullish debuted on the New York Stock Exchange in a $1.1 billion listing, ARK purchased roughly $172 million in shares. The exchange trades under the ticker symbol BLSH.
Bullish shares closed at $50.57 on Friday, up 1.24% for the day. The exchange is backed by Block.one and led by CEO Tom Farley.
The purchase timing matched Bullish’s US launch celebration in New York. The company hosted digital asset leaders for the event.
Exchange Secures US Licenses
In early October, Bullish launched operations in 20 US states. The exchange received both a BitLicense and money transmission license from New York regulators.
BitGo and Nonco became the platform’s first US trading clients. Bullish began offering spot trading services to these institutional customers.
Since its global launch in 2021, Bullish has processed over $1.5 trillion in trades. The exchange now ranks in the top 10 by Bitcoin and Ethereum trading volume.
ARK also purchased 38,846 shares of Intellia Therapeutics for $476,640. The gene-editing company remains one of ARK’s top biotech holdings based on its CRISPR therapy development.
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