Ark Invest Sells $14M in Circle, Trims Coinbase Amid Crypto Stock Rally
Ark Invest, led by Cathie Wood, sold $14 million worth of Circle shares and trimmed its Coinbase holdings on Monday. The sales occurred as crypto-related stocks rallied.
Details of the Share Sales
- Ark Invest sold 142,350 Circle shares across two funds, worth about $13.8 million.
- The firm sold 36,628 Coinbase shares, valued at approximately $7 million.
- It also offloaded shares in Bullish, Bitmine, and its Ark 21Shares Bitcoin ETF (ARKB), a spot bitcoin fund, worth about $40 million.
What the Trade Disclosures Show
According to Ark Invest's latest trade disclosure, the firm reduced its positions in several crypto-linked companies. Circle closed at $97.42, up 7.53%, and Coinbase ended at $191.45, up 9.24%. The ARKB ETF closed at $26.19, up 2.22%.
Confirmed Sales Figures
The exact amounts sold were 153,881 Bitmine shares (about $3.96 million) and 18,280 Bullish shares (about $687,693). These sales are confirmed from the trade disclosure.
Reasons for the Sales
Ark Invest has not provided specific reasons for these sales. The firm routinely adds and trims its crypto stock holdings based on market conditions to maintain diversification within its ETFs.
Context of Crypto Stock Rally
The sales coincided with a rally in crypto stocks. This surge was linked to renewed hopes for the Digital Asset Market Structure Clarity Act, a regulatory bill in the U.S. Congress.
Clarity Act Vote Scheduled
The Clarity Act is set for a procedural cloture vote on Tuesday at 2:15 p.m. ET, which requires 60 votes to pass. Market odds for the bill's passage rose briefly but have since fallen.