ARK Invest Sells Off Crypto Holdings Ahead of CLARITY Act Vote
Cathie Wood's ARK Invest has been making waves in the crypto market by selling off significant portions of its own Bitcoin ETF, as well as other cryptocurrency-linked holdings. The sell-off came ahead of the CLARITY Act vote in the Senate on Tuesday, which may have contributed to a decline in Bitcoin's price below $77,000.
ARK sold over 1.5 million shares of its ARK 21Shares Bitcoin ETF (ARKB), representing approximately 1.53% of the fund's holdings. The sales also included reductions in other crypto-related stocks held by ARK, such as Coinbase (COIN) and Circle Internet Group (CRCL).
The largest single-position reduction was in the ARKB fund, with over 1 million shares sold through the ARK Next Generation Internet ETF (ARKW) and another 466,133 shares sold through the ARK Fintech Innovation ETF (ARKF). The Bitcoin price fell below $77,000 on Tuesday morning, down 1.2% in the last 24 hours ahead of the CLARITY Act vote.