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ARK Invest’s flagship exchange-traded fund has since fallen to its lowest level in five years. The latest crisis in the crypto world plunged risk assets this week.
Ark Innovation (arc), the company’s beleaguered main ETF fell more than 6.5% to $32.57 on Wednesday, widening the fund’s losses to nearly 80% from its February 2021 high.
As of Tuesday’s close, the fund is down about 63% so far in 2022.
The slide happened when crypto-related stocks fell. Rapid collapse of FTXa digital asset exchange run by billionaire Sam Bankman Freed.
ARKK Holdings Coinbase (coin) and blocks (SQ) fell about 10% and 9% respectively on Wednesday. Roblox (RBLX), another Wood favorite to dabble in crypto, fell 21%.
The well-known fund manager is a staunch cryptocurrency bull and launched Bitcoin (BTC-US Dollar) will exceed $1 million by 2023. On Wednesday afternoon, it was reported that Binance, the world’s largest cryptocurrency exchange, has withdrawn an emergency deal to acquire FTX as it faces possible bankruptcy.Bitcoin fell below $16,000 in the news.
This week, Wood expanded his holdings in Coinbase, the second-largest crypto exchange, even as the sudden collapse of FTX and concerns about its partnerships disrupted the crypto ecosystem. by volume.
On Tuesday, ARK Invest bought more than 420,000 shares in the company after it fell about 11%, according to the company’s trading report.
Coinbase CEO Brian Armstrong claimed on Twitter on Tuesday that his company has no 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 the Binance acquisition. discontinued acquisition FTX.
Alexandra Semenova is a reporter at Yahoo Finance. follow her on her twitter @alexandraandnyc
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