Cathie Wood’s ARK Invest Dumps GitLab Stock, Doubles Down on Bitcoin ETF

ARK Invest just made a bold portfolio pivot—selling off GitLab shares to fuel a major Bitcoin ETF buy.

The Big Rotation

Cathie Wood's flagship fund executed a classic reallocation play. It cut exposure to a traditional tech name, freeing up capital to pour directly into spot Bitcoin ETFs. The move signals a clear shift in conviction—away from single-stock risk and toward a pure crypto asset play.

Why This Matters

This isn't just portfolio management; it's a statement. ARK has been a vocal Bitcoin bull for years. Now, with ETF wrappers providing a clean, regulated on-ramp, they're putting their money where their research is. It's a bet that Bitcoin's institutional adoption story has more immediate upside than the growth trajectory of a single software firm—a firm, ironically, that many crypto projects rely on for version control.

The Cynical Take

Let's be real: this is also a fantastic way to generate headlines and remind everyone you're still the 'disruptive tech' investor, especially when some of your other disruptive bets have been, well, less than disruptive lately. Nothing sells like a good old-fashioned 'selling the boring stuff to buy the exciting stuff' narrative.

The bottom line? One of tech investing's biggest names is actively trading out of legacy tech equity to chase crypto beta. When the hype around AI stocks starts to feel a bit stale, there's always Bitcoin to reignite the portfolio—and the headlines.

TLDR

• ARK Invest sold 208,528 GitLab shares worth $8.46 million on November 28
• This follows a previous sale of 646,911 GitLab shares worth $26.8 million on November 25
• ARK purchased 70,125 shares of ARK 21Shares Bitcoin ETF valued at $425,000
• The firm also sold positions in Iridium Communications, Ibotta, and Exact Sciences
• Sales occurred across ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF

Cathie Wood’s ARK Invest reported trading activity for November 28 in its latest daily disclosure. The moves showed continued selling of software company GitLab and increased buying of the ARK 21Shares Bitcoin ETF.

GitLab Inc., GTLB

ARK sold 208,528 shares of GitLab worth about $8.46 million. The sales happened across the ARK Innovation ETF and the ARK Next Generation Internet ETF.

This marks the second large GitLab sale in recent days. On November 25, ARK sold 646,911 shares of the company valued at roughly $26.8 million.

The pattern suggests ARK is reducing its position in the DevOps platform provider. GitLab provides software development tools and version control services to enterprise customers.

Other Tech Stock Sales

ARK also trimmed other positions on November 28. The firm sold 89,446 shares of Iridium Communications worth approximately $1.47 million.

Iridium Communications Inc., IRDM

Iridium operates a satellite communications network. The company provides voice and data services through its constellation of low Earth orbit satellites.

ARK sold 22,281 shares of Ibotta valued at about $523,000. Ibotta runs a cash-back rewards platform for consumer purchases.

The firm also sold 918 shares of Exact Sciences worth around $93,000. Exact Sciences makes cancer screening and diagnostic tests.

Bitcoin ETF Purchases

While selling tech stocks, ARK increased its crypto holdings. The firm bought 70,125 shares of the ARK 21Shares bitcoin ETF worth approximately $425,000.

The purchases occurred across the ARK Next Generation Internet ETF and ARK Fintech Innovation ETF. ARK 21Shares Bitcoin ETF is a spot Bitcoin exchange-traded fund.

This continues a pattern of Bitcoin ETF buying by ARK. The firm has made multiple purchases of ARKB in recent trading sessions.

Wood has been vocal about her positive outlook on Bitcoin. ARK’s research division publishes regular reports on cryptocurrency markets and blockchain technology.

The Bitcoin ETF trades under the ticker ARKB. It launched earlier in 2024 as part of the first wave of spot Bitcoin ETFs approved by regulators.

ARK manages several thematic ETFs focused on disruptive innovation. The firm’s flagship fund is the ARK Innovation ETF, which holds positions across multiple technology sectors.

The November 28 trades reflect ARK’s active portfolio management approach. The firm regularly adjusts positions based on its research and market views.

ARK’s daily trade disclosures are required for all ETF managers. These reports show the previous day’s buying and selling activity across all fund holdings.