ARK Invest Sells Large Stake in Bitcoin ETF
Cathie Wood’s Ark Invest recently sold the most significant portion of its shares in a spot Bitcoin ETF since the fund underwent a stock split in mid-June.
On Tuesday, ARK held 225,742 shares in the ARK Next Generation Internet (ARKB) fund, as well as an equivalent amount in the ARK Next Generation Internet (ARKW) fund, according to a trading notice flagged by Cointelegraph.
This sale brought in about $8.7 million, based on ARKB closing at $38.70 on that day, marking the largest single-day sale of ARKB shares to date. Even so, ARK sold 159,496 ARKB stocks, a markedly smaller amount compared to a $12 million sale of ARKB shares that occurred last April.
ARKB Reaches New Heights After Stock Split
The recent transactions followed a significant 3-for-1 stock split for ARKB that took place in mid-June, effectively tripling the number of shares by splitting each existing share into three.
As is typical with stock splits, while the market value remained unchanged overall, the stock price adjusted significantly. This meant ARKB’s share price dropped from around $90 to approximately $30, a notable reduction of 66%.
The recent $8.7 million sale of ARKB shares coincided with Bitcoin ETFs trading near record highs. The fund reached its peak at $39.3 on July 6.
ARK Sells Coinbase Shares
In addition to the ARKB shares, ARK’s ARKW fund also sold 34,207 shares of Coinbase (Coin) on Tuesday, pulling in $13.3 million.
This move followed a string of profitable transactions by ARK; just last Thursday, they sold $2 million worth of Coinbase stock, and another $2 million from the ARK Innovation ETF (ARKK) on Friday.
Moreover, the ARK Innovation ETF (ARKK) sold 58,504 shares of a particular stock worth $5.6 million last Thursday, alongside another 24,780 shares valued at $1.7 million from a different company.
However, ARK has held off on further sales of Circle (CRCL) shares since unloading 415,844 shares for around $110 million back on June 23.
As the Genius Act draws nearer, discussions surrounding Bitcoin versus stablecoins are also intensifying.
