Key facts
- ARK Invest sold over $61 million in crypto-related assets on Monday.
- The firm sold shares of Coinbase, Circle, Bullish, and its own ARK 21Shares Bitcoin ETF.
- Coinbase stock closed at $191.45 on Monday.
- Bullish shares closed at $37.62 on Monday.
- Circle shares closed at a price that made the sale worth approximately $13.86 million.
- ARK 21Shares Bitcoin ETF shares closed at $26.19 on Monday.
Cathie Wood’s ARK Invest significantly reduced its crypto-related holdings on Monday, selling over $61 million worth of shares in Coinbase, Circle, Bullish, and its own ARK 21Shares Bitcoin ETF. These transactions occurred just one day before the Senate failed to advance the Clarity Act, a piece of legislation that had previously boosted sentiment in the crypto space.
Specifically, ARK Innovation ETF divested 36,628 Coinbase shares, valued at over $7 million based on the stock's closing price of $191.45 on Monday. The firm also sold 18,280 Bullish shares, worth approximately $687,693 at its closing price of $37.62. A substantial sale of 142,350 Circle shares across two ARK ETFs, ARK Innovation ETF and ARK Next Generation Internet ETF, amounted to about $13.86 million.
Furthermore, ARK Invest cut its stake in the ARK 21Shares Bitcoin ETF (ARKB), selling nearly 1.53 million shares from its ARKW and ARKF ETFs. This sale alone was valued at over $40 million, using ARKB's closing price of $26.19. The combined value of all these sales on Monday exceeded $61 million.
The sales by ARK Invest followed a broader crypto market sell-off on Tuesday, where Bitcoin briefly dipped below $76,000, ultimately falling nearly 4% in 24 hours. Coinbase's stock dropped over 10% on Tuesday, erasing its gains from the previous day. Circle's stock tumbled 11.5%, and Bullish declined 5%. The crypto market had experienced a rally on Monday, partly in response to positive updates regarding the Clarity Act, but this momentum was halted when the bill did not advance in the Senate.