Cathie Wood dumps $8.46 million in software giant

view original post

Cathie Wood’s never been shy in rebalancing aggressively when she feels the market’s mispricing innovation, and her latest trades fit that description perfectly.

The ARK Invest boss dumped nearly 855,000 GitLab (GTLB) stock in just a few days, which includes a massive 208,528-share sale on November 28 (worth roughly $8.5 million), even as the software giant posts some solid top-line figures.

Additionally, Wood also trimmed positions in Iridium, Ibotta, and Exact Sciences as she poured into more of her own Bitcoin ETF.

For context, ARK is running a small but potent crypto ETF lineup, spearheaded by its spot ARK 21Shares Bitcoin ETF and the futures-based ARK 21Shares Active Bitcoin Futures Strategy ETF.

Both offer simple, streamlined ways to own Bitcoin.

Wood ties it to her bold forecasts on Bitcoin, on the back of its fixed supply (21 million coins) and growing smart money demand, potentially sending it to $1.2–$1.5 million by 2030, a setup she calls “Bitcoin unleashed.”

Cathie Wood dumps more of her GitLab stock.Photo by Bloomberg on Getty Images

Wood’s recent moves felt like noticeable resets.

GitLab drew the headlines, but ARK trimmed multiple holdings as it doubled down on themes she feels have more punch in the near term.

That’s a familiar ARK playbook: Wood cuts exposure where momentum cools off, while adding to disruptors, keeping the portfolio pointed toward the more fast-moving corners of innovation.

Major ARK sell-offs:

GitLab (Nov. 25): Sold 646,911 shares ($26.8 million) across ARKK and ARKW.
GitLab (Nov. 28): Sold 208,528 shares ($8.46 million), continuing a weeklong unwind.
Iridium Communications: Trimmed 89,446 shares ($1.47 million).
Ibotta: Cut 22,281 shares ($523,000).
Exact Sciences: Reduced 918 shares ($93,000).

ARK buys:

ARK 21Shares Bitcoin ETF: Added 70,125 shares ($425,000) across ARKW and ARKF as Wood leans harder into crypto exposure.

GitLab’s investors have had a rough outing so far this year, with the stock down more than 27% year to date. That comes as a surprise, as the broader tech space enjoyed another year of rollicking returns.

For perspective, GitLab offers its clients an all-in-one workbench for modern software teams, handling everything from planning code to deploying it efficiently in production.

Moreover, it avoids the mess of stitching together a myriad of DevOps tools, which makes the stock’s recent slump feel disconnected from the product’s relevance.

GitLab’s 2025 was incredibly rocky, so it wasn’t hard to see why Wood trimmed her position in the stock.

Moreover, the frustrating bit is that GitLab continued notching “beat and raise” quarters but somehow still got punished.

In fiscal Q1 2026, Investing.com reported that sales jumped 27% to $214.5 million, led by a superb 12% non-GAAP operating margin, along with north of $100 million in adjusted free cash flow.

However, its GAAP loss came in a lot wider than Wall Street expectations, and its guidance, though technically ahead of consensus, underwhelmed investors, which is why the stock tanked 10% on the print.

The same story played out in the following quarter.

In Q2, GitLab posted 29% revenue growth to $236 million, along with a nifty 17% non-GAAP margin, raising its full-year outlook to $936–$942 million.

However, its stock still dropped 8% to 9% as a couple of red flags took center stage.

Fund manager buys and sells

Firstly, tech giant Snowflake announced its new CFO, Brian Robins, GitLab’s former longtime CFO. At the same time, multiple analysts pointed to sluggish billings growth (down to 21% from 35%), sluggish pricing power, and uninspiring near-term payoff from its Duo AI push.

By early fall, multiple firms ended up trimming their targets, arguing GitLab carried a premium valuation, for a stock guiding for just “mid-20s” growth.

For perspective, the stock is still trading at over 48 times forward non-GAAP earnings, and more than 7 times forward sales.

Zooming out, GitLab’s strong revenue numbers and improving margins may seem impressive on paper, but multiple “beat and sell-off” reactions, leadership turnover, and an overheated valuation multiple made the year feel like one long reset.

This story was originally published by TheStreet on Dec 1, 2025, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.