Ark Invest buys $9.4 million worth of eToro shares on Nasdaq debut, sells own Bitcoin ETF

Cathie Wood's Ark Invest scooped up $9.4 million in eToro shares on its Nasdaq debut on Wednesday, continuing a strategy of backing crypto-related firms at IPO, as it did with Coinbase in 2021.

eToro saw a 29% jump in its share price on its first day of trading as a public company under the ticker ETOR, closing at $67. That followed an upsized initial public offering that priced shares at $52 each, reflecting stronger-than-expected demand.

Alongside the eToro buy, Ark sold off a total of $7.9 million worth of its own U.S. spot Bitcoin ETF (ARKB) from two of its funds, though it remains among their top holdings.

Meanwhile, the investment firm also picked up $7.6 million worth of 3IQ's Toronto-listed Solana staking ETF and sold 14,390 shares in Jack Dorsey's Block as it rebalanced its fund weightings.