[Rumors about Cathie Wood reducing her Bitcoin holdings triggered market speculation]
Recently, Ark Invest CEO Cathie Wood was revealed to be "quietly reducing" her holdings of Bitcoin (BTC), triggering investor speculation and concern. The news was revealed via a tweet from WhaleWire, a well-known cryptocurrency market analysis source, which stated that Wood, while publicly maintaining a bullish attitude towards Bitcoin, has actually reduced his holdings.
The post noted that Wood drew attention last week for promoting unrealistic Bitcoin predictions, predicting that the price of Bitcoin could surge to over $1,480,000. However, contrary to her public bullish stance, ETF trading data showed that she secretly sold more than 700,000 shares of the Bitcoin Grayscale Trust through the Ark ETF, causing Ark’s exposure to BTC to be significantly reduced.
The post also references a similar situation in 2021, when Wood encouraged people to buy Tesla stock and set a price target on ARK of $3,000, while secretly reducing their holdings to -84% . The phenomenon raises questions about the transparency of Wood's investment strategy and the impact it may have on Ark Invest's overall portfolio performance.
In a recent interview with Yahoo Finance, Cathie Wood was optimistic about Bitcoin, predicting a base case of $600,000 to $650,000. However, market observers noted that this positive outlook contrasted with her reported reduction in Bitcoin holdings. Wood remains confident in the cryptocurrency's potential and believes Bitcoin could move beyond her base case if a spot Bitcoin ETF is approved.
Notably, Ark Invest has filed for a spot Bitcoin ETF, a change Wood noted when talking about the latest developments with the Securities and Exchange Commission (SEC). The SEC did not reject Ark's latest filing outright, but instead raised a number of questions that led Wood to speculate that "there has been a change in the regulatory environment." According to Wood, this change increases the likelihood that a spot Bitcoin ETF will be approved.
