ARK Invest liquidated $65 million in crypto stocks and ETFs, including a $40 million sale of its own ARKB fund, as the firm trims positions ahead of a pivotal Senate vote on crypto regulation.
ARK Invest sold 1,528,953 shares of its own ARK 21Shares Bitcoin ETF worth ~$40 million, the largest crypto dump of the day.
ARK Invest sold 36,628 Coinbase shares worth ~$7 million, signaling reduced conviction despite the stock's 9% surge.
ARK Invest offloaded 142,350 Circle shares worth ~$13.8 million, a bearish signal for the newly public stablecoin company.
ARK Invest sold 153,881 Bitmine shares worth ~$3.96 million, reducing exposure to the Ethereum treasury company.
ARK Invest sold 18,280 Bullish shares worth ~$687,700, a minor bearish signal for the crypto exchange.
ARK Invest's large sale of Bitcoin ETF shares suggests reduced short-term demand or risk appetite for Bitcoin ahead of the CLARITY vote.
Ethereum is mentioned only as Bitmine's treasury asset, with no direct sale or price catalyst in the article.
Cathie Wood's ARK Invest offloaded $65 million in crypto-related holdings on September 14, including Coinbase, Circle, and its own Bitcoin ETF. The divestment comes just one day before the U.S. Senate's critical cloture vote on the Digital Asset Market Clarity Act, signaling a strategic reduction in risk exposure despite recent gains across the sector.
While the firm has not provided a specific reason, the timing suggests a strategic move to reduce risk exposure ahead of a major legislative event that could significantly impact the regulatory landscape for digital assets.