ARK Invest Unloads Crypto Holdings Amid Regulatory Uncertainty
Cathie Wood's ARK Invest has made significant changes to its crypto-related holdings. The firm sold over $61 million of its own Bitcoin ETF and other stocks, including Coinbase and Circle Internet.
The sales occurred on Monday, just a day before the Clarity Act failed to pass in the Senate. This event may have contributed to the firm's decision to reduce its exposure to the crypto market.
The affected stocks include ARK 21Shares Bitcoin ETF, which saw a significant decline in value due to the sell-off.