CRSP, SOLQ: Cathie Wood’s ARK ‘Buys the Dip’ in CRISPR and Solana Staking ETF

Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made targeted buys in biotech and cryptocurrency sectors on Tuesday, March 10, capitalizing on recent dips, as shown in ARK’s daily fund disclosures. The funds added a significant stake in CRISPR Therapeutics CRSP -10.17% ▼ and 3iQ SOLANA STAKING ETF (SOLQ), alongside a smaller position in GeneDx Holdings WGS -6.00% ▼ .

Claim 70% Off TipRanks Premium

• Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions

• Stay ahead of the market with the latest news and analysis and maximize your portfolio’s potential

On the sell side, ARK trimmed holdings in gene-sequencing firm 10X Genomics TXG -2.15% ▼ , offloading 78,412 shares for about $1.60 million. The largest sale was 21,505 shares of automated test equipment maker Teradyne TER +1.46% ▲ for $6.47 million. ARK also reduced its position in Brera Holdings SLMT -5.17% ▼ by 53,092 shares.

Why ARK Bought CRSP — Is It a Buy?

ARK purchased 280,609 shares of gene-editing firm CRISPR for roughly $14.82 million, snapping up shares after a 10.2% one-day drop. The decline followed CRISPR’s announcement of a $350 million private offering of convertible senior notes due 2031 to qualified investors in a private offering. CRSP will use the net proceeds for general corporate needs, like operations or development. Final terms, including interest rate and conversion prices, will be set at pricing. This news compounded a broader biotech sector pullback.

On TipRanks, CRSP stock has a Moderate Buy consensus rating based on 11 Buys, four Holds, and one Sell rating. The average CRISPR Therapeutics price target of $70.21 implies nearly 33% upside potential from current levels. Over the past year, CRSP shares have surged 24.6%.

ARK’s Bet on Solana Staking — Risks Involved?

ARK also accumulated 25,000 shares in the 3iQ Solana Staking ETF. This provides indirect exposure to Solana (SOL-USD) without directly buying the cryptocurrency. It is designed for investors seeking exposure to blockchain technology through the Solana network. SOLQ is down 5.1% over the past five days.

Unlike Spot ETFs, SOLQ stakes actual Solana tokens, sourced from trusted exchanges and OTC desks, then stores them safely in cold wallets. This cuts risks from middlemen and boosts return potential.

We used TipRanks’ Technical Analysis Tool to assess the outlook for SOLQ ETF. The tool indicates a “Sell” consensus, with three indicators showing Bullish signals, compared to six Neutral and 13 Bearish indicators.

Disclaimer & DisclosureReport an Issue