ARK Invest Sells $65M in Crypto Exposure as CLARITY Act Fails
Cathie Wood's ARK Invest sold approximately $65 million in crypto exposure on September 14, just as the CLARITY Act was advancing in the Senate. The sale included shares of Coinbase, Circle, Bullish, and BitMine Immersion Technologies, along with around $40 million of its own ARK 21Shares Bitcoin ETF.
The timing seemed unusual given the crypto market's rally on hopes that the legislation would pass. However, one day later, the Senate failed to advance the bill in a 49-50 procedural vote, and the crypto markets plummeted. But there is no evidence that Cathie Wood predicted the CLARITY Act's failure or sold specifically because of it.
According to ARK's investment methodology, the firm actively trims positions when prices move quickly and reallocates the proceeds toward investments where it sees a better risk-reward opportunity. This means selling a stock does not necessarily mean ARK's long-term thesis has changed.