Cathie Wood says she's bullish on BTC hitting $1 million, but her actions tell a different story.

ARK releases daily holdings reports, but due to its extensive daily trading activity, reviewing them can be cumbersome.

Therefore, I compiled the holdings changes from the beginning of this quarter (September 2, 2025) to today (December 8, 2025).

Several trends emerge:

1. ARK likely views current BTC prices as a peak, having sold approximately 9% of its BTC holdings this quarter.

2. Partial exits from ROKU, HOOD, AMD, and PLTR yielded substantial profits.

3. EXAS saw profit-taking following its acquisition news. GTLB and PINS are no longer favored, with significant sell-offs.

4. Other crypto-related holdings like CRCL, BLSH, and BMNR are deemed undervalued, prompting substantial increases in positions.

5. Position building has begun in AI applications (large models). For U.S. AI, GOOG was selected; for Chinese AI, BIDU and BABA were chosen as the primary options.