Wood's Ark Invest nearly liquidates
Silvergate Capital position
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[January 07, 2023]
By David Randall
NEW YORK (Reuters) - Star stock picker Cathie Wood's Ark Invest sold
403,990 shares of embattled crypto-focused bank Silvergate Capital Corp
on Thursday as shares in the firm plunged more than 40%, according to
disclosures by Ark Invest. |
![](../images/010723PIX/busine92.jpg)
Cathie Wood, Founder, CEO, and CIO of ARK
Invest, speaks at the 2022 Milken Institute Global Conference in Beverly
Hills, California, U.S., May 2, 2022. REUTERS/David Swanson/File Photo |
The
selling nearly liquidated the firm's share holdings and came
from the $645 million ARK Fintech Innovation ETF, and not the
firm's flagship $5.9 billion ARK Innovation fund, which does not
have a position in the company.
Silvergate Capital said it would cut its workforce by 40% after
investors pulled more than $8 billion in deposits in the wake of
the collapse of FTX. Total deposits from digital asset customers
at Silvergate fell to $3.8 billion at the end of December,
compared to $11.9 billion at the end of September.
Ark Invest first bought shares in Silvergate in November, 2019,
according to Morningstar data.
Shares of Silvergate were down 9.2% in midday trading on
Thursday, while shares of the ARK Fintech Innovation fund were
up 0.8%.
(Reporting by David Randall; Editing by Josie Kao)
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