Cathie Wood's Ark Invest has made some changes in its Next Generation Internet ETF (ARKW), exiting its position in the Grayscale Bitcoin Trust (GBTC) and buying the ProShares Bitcoin Strategy ETF (BITO). Wood says that the move was made in case the Grayscale Bitcoin Trust conversion to an ETF is not approved by the Securities and Exchange Commission. In an interview with Yahoo Finance earlier this week, Wood says she expects the SEC to approve a number of spot bitcoin ETFs all at once when a deadline is reached next month.
Boeing (BA) has urged airlines to inspect 737 Max jets over a potential loose bolt.
EV startup Mullen Automotive (MULN) saw its stock jump after announcing delivery of 50 electric cargo vans to a dealership group for $1.7 million.
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Video Transcript
JOSH LIPTON: Moving on, let's get some tickers, Julie Hyman, let's do that. Cathie Wood's Ark investment shaking up its crypto holdings, the asset management company picking up shares of ProShares Bitcoin strategy ETF while dumping its holdings of grayscale and selling shares of Coinbase. So this is interesting, I mean Cathie Wood makes moves. It gets attention, Julie, we know that.
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So she, Cathie Wood's funds making some changes, Bitcoin related holdings, Ark next generation internet ETF looks like sold all of its remaining shares of the Grayscale Bitcoin Trust. But made some buys too, bought about four million shares. It looks like, the ProShares Bitcoin strategy ETF, which obviously that invests in Bitcoin futures, Wood telling reporters that the move was made in case grayscale trust conversion to an ETF isn't actually approved by regulators in January.
JULIE HYMAN: Which is so fascinating because she just told us earlier in the week that she, and she's been relatively confident, cautiously confident that her own offering for a Bitcoin spot ETF in cooperation with 21 shares would be approved, and she's also said consistently as have other analysts who follow the space that they're all going to be approved at once, that the SEC is at pains not to show favoritism in the order in which it approves some of these ETFs, that it would approve a bunch at once.
So it's interesting that she's sort of hedging her bets on this, of course she will be in more direct competition with grayscale if it is approved and her ETF is approved, the two would be in competition, they're both a spot Bitcoin ETF, so it's interesting here that she is making this move. She's doing a couple of other things here, she did buy also some shares of, again the fund that she runs with the partner 21 shares that's a futures product and also sold some Coinbase shares, which is still the top holding over there.
JOSH LIPTON: Yeah, grayscale actually used to be the top holding in ARK next generation internet ETF which right now looks like it's up about 100% on the year.
JULIE HYMAN: Yeah, just one more quick note here, when we talk about Ark, we usually talk about the benchmark ETF Ark K. This is, again the next generation ETF, it's smaller about $1.8 billion in market cap, Ark K, the Innovation Fund is $9.7 billion so this is a smaller ETF that her firm runs as well. Well, Boeing is urging airlines to inspect the company's 737 MAX planes, the aircraft manufacturer asking to check for possible loose bolts.
The shares are not taking that much of a hit here, down by about 2/3 of 1% but it is just sort of the latest question about quality control, the company had some issues earlier in the year with Spirit AeroSystems which is a maker of parts that go into Boeing planes. So, you know, it's just kind of been, the stock is up on the year but there have been some lingering questions about it getting 737 MAX off the ground.
JOSH LIPTON: Yeah this is a story about loose bolts, that's what we have here, or potential loose bolts.
JULIE HYMAN: Yeah.
JOSH LIPTON: I think that's-- and important to say reports that I'm reading, Boeing did say the issue here on a particular plane already been remedied.
JULIE HYMAN: Yeah.
JOSH LIPTON: It sounds like they recommended inspections out of what they were calling just an abundance of caution but of course, the back story here, when you talk about the 737 Max Jets, they were grounded after these crashes in 2018, 2019. The FAA then finally did approve changes to the design said, look OK, you're good to fly again after about two years. By the way, good year for Boeing, I mean if you've been long that name the stock is going to finish up about 40% in 2023.
JULIE HYMAN: It is, but it was down for the three years.
JOSH LIPTON: For sure yeah.
JULIE HYMAN: Prior to this year so it's definitely a rebound recovery play, at least in the eyes of investors this year.
JOSH LIPTON: And really, despite that move, the street is bullish, I mean just to tell you, I mean 26 buys, six holds, no sells.
JULIE HYMAN: Wow, OK.
JOSH LIPTON: Finally, Mullen automotive delivering 50 class EV cargo vans in voicing Randy Marion Automotive Group for about $1.7 million. I think we had, remind me, Julie Hyman, do we have StockTwits CEO? Didn't he mention this name as one?
JULIE HYMAN: He said it's the top trend, I mean it's the top ticker.
JOSH LIPTON: Big trender?
JULIE HYMAN: Yes, bigtrender on this StockTwits platform.
JOSH LIPTON: They like talking about it on that--
JULIE HYMAN: Yeah.
JOSH LIPTON: So Mullen hire today and that's the headline we're seeing, they delivered about these 50/50 EV cargo vans, they're going to deliver more vehicles soon, the stock's jumping though, of course context here, it's still down about 99% in 2023.
JULIE HYMAN: I mean, yes context is everything. By the way, we already knew that they were going to deliver the vehicles because we talked about that, I think last week.
JOSH LIPTON: Yup.
JULIE HYMAN: Now they've actually delivered the vehicles and the stock is up again. You want to guess what the market cap of this thing?
[LAUGHS]
JULIE HYMAN: $58 million.
JOSH LIPTON: Yeah.
JULIE HYMAN: This is a teensy, tiny company. I view Mullen as the meme stock that wouldn't die, it's like the one that keeps popping up, yes we talk about GameStop sometimes too, yes but Mullen is like the teensy, tinesy, little company that for some reason people are still paying attention to.
JOSH LIPTON: Stock was around under 600 at one point.
JULIE HYMAN: Well not anymore.
JOSH LIPTON: But you know what? It's a topic of great conversation on StockTwits.
JULIE HYMAN: And on our platform, it's trending on our-- it's trending on Yahoo Finance as well.
JULIE HYMAN: You can't take that away from them. It's a talker.