TechFlow News — According to Bloomberg, renowned investor Cathie Wood is pulling back from Chinese equities. Currently, only 0.32% of the $23 billion assets managed by her flagship fund, ARK Innovation ETF, are invested in Chinese companies, down from 8% in February. The ARK Next Generation Internet ETF still has about 3.8% exposure to China, but this is also lower than the nearly 9% earlier this year.
Meanwhile, according to Trustnodes, Ark Invest has been actively buying bitcoin. The ARK Cryptocurrency US Fund LLC purchased $20 million worth in May. Last week, the ARK Next Generation ETF bought 140,157 shares of Grayscale's GBTC. It also acquired nearly one million shares of Coinbase stock—valued at over $200 million at current prices—as well as $88.74 million worth of Twitter stock.
Whether other investors will follow suit and shift out of China into bitcoin remains to be seen, but with accelerating sell-offs in Chinese stocks, an estimated $1 trillion is now seeking new investment destinations.
