Cathie Wood’s ARKK hits 5-year low as FTX collapse spurs crypto wreck

The flagship exchange-traded fund of ARK Invest has fallen to its lowest level in five years after cryptoworld’s latest crisis sent risk assets into a tailspin this week.

Ark Innovation (ARKK), the firm’s beleaguered main ETF, sank more than 6.5% to $32.57 on Wednesday, deepening the fund’s loss to nearly 80% from its February 2021 high.

As of Tuesday’s close, fund is down about 63% so far in 2022.

The slide came as crypto-related stocks cratered following the rapid collapse of FTX, the digital asset exchange run by billionaire Sam Bankman-Fried.

ARKK holdings Coinbase (COIN) and Block (SQ) fell roughly 10% and 9%, respectively, on Wednesday. Roblox (RBLX), another favorite of Wood dabbling in crypto, tanked 21%.

The famed fund manager has been a staunch cryptocurrency bull, forecasting earlier this year that the Bitcoin (BTC-USD) would top $1 million by 2023. After reports Wednesday afternoon that Binance, the world’s largest crypto exchange, backed out of an emergency deal to…

Continue Reading →

This article was written by and originally published on