Cathie Wood Dumps Palantir Shares Worth $26 Million, Bets on Bitcoin-Linked Block and USDC-Issuer Circle

On Monday, Cathie Wood-led Ark Invest made significant trades, including purchasing shares of Block, Inc. (NYSE:XYZ) and Circle Internet Group, Inc. (NYSE:CRCL). Ark jettisoned shares of Palantir Technologies Inc. (NASDAQ:PLTR) and Advanced Micro Devices Inc. (NASDAQ:AMD)

These trades were part of a broader strategy executed by Ark Invest on Monday involving multiple transactions across their ETFs.

The Palantir Trade

Ark Invest executed a notable sell-off of Palantir shares on Monday. Across its ARK Blockchain & Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK), and ARK Next Generation Internet ETF (BATS:ARKW) funds, Ark sold a total of 139,456 shares. With the shares closing at $186.38 for the day, the transaction was estimated to be worth $26 million.

This move comes after Palantir’s impressive second-quarter earnings report, released in early August, where the Peter Thiel-co-founded company reported revenue of $1.94 billion, surpassing analyst expectations of $1.80 billion. The AI software firm also reported adjusted earnings of 41 cents per share, exceeding estimates of 35 cents per share.

The AMD Trade

On the same day, Ark Invest reduced its holdings in AMD by selling 8,623 shares through its ARKF ETF. AMD’s stock closed at $470.72, translating to a trade value of approximately $4.1 million.