Veteran investor Cathie Wood dumped $65 million worth of crypto stocks and funds on Sep. 14, a day ahead of the crucial cloture vote on the Digital Asset Market Clarity Act. Wood's firm ARK I
Veteran investor Cathie Wood dumped $65 million worth of crypto stocks and funds on Sep. 14, a day ahead of the crucial cloture vote on the Digital Asset Market Clarity Act.
Wood's firm ARK Invest trimmed its stake in Coinbase Global (Nasdaq: COIN), Circle Internet Group (NYSE: CRCL), Bitmine Immersion Technologies (NYSE: BMNR), Bullish (NYSE: BLSH), and ARK 21Shares Bitcoin ETF (CBOE: ARKB).
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Wood's ARK trims stake in its own Bitcoin ETF by $40 million
ARK Invest sold 36,628 Coinbase shares worth approximately $7 million as the top U.S. crypto exchange's stock surged 9% to close at $191.45 yesterday.
The firm also offloaded 142,350 Circle shares worth approximately $13.8 million yesterday as the stablecoin giant's stock rose 7.5% to close at $97.42.
The next crypto sale was 153,881 Bitmine shares worth nearly $3.96 million as the leading Ethereum (ETH) treasury's stock rose nearly 3% to close at $25.76.
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Another sale was 18,280 Bullish shares worth around $687,700, as the crypto exchange's stock rose 7% to close at $37.62 yesterday.
Not only that, ARK Invest also dumped 1,528,953 shares of the ARK 21Shares Bitcoin ETF, its own Bitcoin fund listed in the U.S. The fund rose more than 2% to close at $26.19 yesterday.
In fact, the ARKB sale worth approximately $40 million was the largest crypto dump of the day on behalf of ARK Invest.
So, ARK Invest ended up dumping $65 million worth of its crypto stakes yesterday despite the surge, whether high or low, in stock prices yesterday.
The U.S. Senate is set to hold a procedural cloture vote today at 2:15 p.m. ET, which requires 60 votes, including at least seven Democratic votes, to pass.
Related: SEC Chair Atkins reveals what comes next if CLARITY Act stalls