Cathie Wood’s ARKK hits 5-year low as FTX collapse spurs crypto wreck – Yahoo Finance

Cathie Wood’s ARKK hits 5-year low as FTX collapse spurs crypto wreck – Yahoo Finance

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November 11, 2022 by Coinvasity
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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 (ARKK), 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
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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 (ARKK), 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 (COIN) and Block (SQ) fell roughly 10% and 9%, respectively, on Wednesday. Roblox (RBLX), 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 (BTC-USD) 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 dropped below $16,000 on the news.
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 by volume.
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.
2/ Second, Coinbase doesn't have any material exposure to FTX or FTT (and no exposure to Alameda).
— Brian Armstrong (@brian_armstrong) November 8, 2022
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 FTX.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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