ARK Continues Crypto Buying Ahead of CLARITY Act Vote
ARK Invest is continuing its buying spree in crypto-linked equities, adding shares of Coinbase, Circle, and Bullish across its flagship ETFs. This comes just days after the firm resumed accumulating these same names.
The purchases align with Cathie Wood's bullish stance on US crypto regulation, particularly her support for the CLARITY Act. The bill would give Coinbase, Circle, and Bullish regulatory certainty by defining when tokens are commodities rather than securities and shifting much crypto oversight to the CFTC.
ARK paired its crypto buying with a pullback from Chinese tech, selling Alibaba across all three of ARKK, ARKW, and ARKF, and trimming Baidu in ARKW. The firm also added several artificial intelligence-related infrastructure and technology companies to the flagship fund.