Cathie Wood Sells 99% of Silvergate Stake as Customers Flee
- ARK Fintech Innovation cuts holdings to less than 4,000 shares
- Wood had been a buyer of shares in wake of FTX collapse
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One of Cathie Wood’s funds sold virtually all of its shares in Silvergate Capital Corp. after the cryptocurrency-focused bank announced that it was forced to sell assets at a steep loss as customers pulled out most of their deposits during the fourth quarter.
Her ARK Fintech Innovation exchange-traded fund unloaded roughly 404,000 shares of Silvergate on Thursday, cutting the ETF’s holdings by more than 99%, according to data compiled by Bloomberg. The fund’s remaining holdings, which amount to less than 4,000 shares, are worth about $43,000 — only about 0.01% of the fund’s total portfolio.