Cathie Wood's Ark ETFs Gain Over $600 Million In 1 Day As Crypto, EV Stocks Rally
Portfolio Pulse from Piero Cingari
Cathie Wood's ARK ETFs saw a significant surge, with assets under management increasing by $600 million in a single day due to a rally in crypto-related and electric vehicle stocks. The ARK Innovation ETF (ARKK) gained 5.34% and saw its AUM rise by nearly $400 million. The surge was fueled by a court ruling in favor of Grayscale's Bitcoin ETF application and a 7% surge in Bitcoin's value. Crypto-related stocks such as Coinbase (COIN), Marathon Digital Holdings (MARA), and Riot Platforms (RIOT) saw double-digit gains. Tesla (TSLA), the largest holding within Wood's Ark funds, experienced a resurgence of 7.3%. Ginkgo Bioworks Holdings (DNA) surged over 24% following the announcement of a partnership with Google Cloud (GOOGL).
August 29, 2023 | 8:52 pm
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ARK Innovation ETF gained 5.34% and saw its AUM rise by nearly $400 million.
The surge in ARKK is directly related to the rally in crypto and EV stocks, which are significant components of its portfolio.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Coinbase saw double-digit gains following a court ruling in favor of Grayscale's Bitcoin ETF application.
The court ruling in favor of Grayscale's Bitcoin ETF application is a positive development for crypto-related stocks like Coinbase.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
Ginkgo Bioworks Holdings surged over 24% following the announcement of a partnership with Google Cloud.
The surge in Ginkgo Bioworks Holdings is directly related to the announcement of a partnership with Google Cloud.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Google Cloud announced a partnership with Ginkgo Bioworks Holdings.
The partnership with Ginkgo Bioworks Holdings is a positive development for Google Cloud.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
Marathon Digital Holdings saw double-digit gains following a court ruling in favor of Grayscale's Bitcoin ETF application.
The court ruling in favor of Grayscale's Bitcoin ETF application is a positive development for crypto-related stocks like Marathon Digital Holdings.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
Riot Platforms saw double-digit gains following a court ruling in favor of Grayscale's Bitcoin ETF application.
The court ruling in favor of Grayscale's Bitcoin ETF application is a positive development for crypto-related stocks like Riot Platforms.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
Tesla experienced a resurgence of 7.3%.
Tesla's resurgence is likely due to the overall rally in electric vehicle stocks.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100