Cathie Wood ditches Reddit for Peter Thiel-backed crypto stock

Core Viewpoint - Cathie Wood, a prominent investor in the tech sector, is actively adjusting her investment strategies in response to market changes, particularly in the cryptocurrency space [1][2]. Group 1: Investment Strategy - ARK Invest has recently sold shares of Reddit and Pinterest to invest in Bullish, a crypto trading platform backed by Peter Thiel, indicating a strategic shift towards crypto assets [3][4][5]. - The firm sold $3 million worth of Reddit shares and over $618,000 in Pinterest shares, reflecting a response to the broader tech sell-off [3][4]. - ARK Invest purchased $10 million in Bullish shares, diversifying this investment across three funds: ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW) [5]. Group 2: Market Reactions - Following the recent crypto market downturn, Cathie Wood adjusted her Bitcoin price projection from $1.5 million to $1.2 million, showcasing her adaptability to market conditions [2]. - Bullish shares experienced a decline of 4.5%, closing at $36.75, and were trading at $36.29 in pre-market hours, indicating volatility in the crypto stock market [5].