ARK Invest by Cathie Wood sold its largest one-day quantity of its spot Bitcoin ETF, ARK 21Shares Bitcoin ETF (ARKB), only a few days after the fund recorded an all-time high last week in early July.
$8.7M worth of ARKB Shares Sold
Tuesday saw ARK offload 225,742 ARKB shares from its ARK Next Generation Internet ETF (ARKW) worth a total of $8.7 million at closing price for the day of $38.70. This is the biggest ARKB dump by volume since the fund 3-for-1 split its stock in mid-June.
While more in shares, the dollar amount of this sale trails the $12 million ARK lost in April 2024, when 159,496 shares were sold at an elevated level.
ARKB Hits Post-Split High
The sale follows ARKB’s recent run-up, with the ETF hitting an intraday high of $39.30 on July 6. On an adjusted pre-split basis for its recent stock split, that price translates to $117.90 — a new high for the fund.
The mid-June share split doubled the size of ARKB shares and reduced the price per share, a standard move to increase liquidity and accessibility without affecting total value of funds.
ARK Sells Coinbase, Robinhood, and Block Too
In addition to ARKB, ARK Invest’s Tuesday sales also involved 34,207 Coinbase (COIN) shares with a value of $13.3 million. The sale is a follow-up to two smaller COIN sell-offs last week for $4 million.
ARKK trimmed its positions in Robinhood and Block as well. On Thursday, ARK sold:
- 58,504 shares of Robinhood (HOOD) at $5.6 million
- 24,780 shares of Block, at $1.7 million
- ARK’s massive June 23 sale of Circle (CRCL), in which it shed 415,844 shares worth $110 million, remains the firm’s largest recent sale by dollars.
Strategic Profit-Taking Amid Crypto Rally
The timing of such moves indicates that ARK is tactically locking in profits during Bitcoin’s recent bull run. With ARKB, COIN, and other crypto- related holdings trading at or near highs, ARK seems to be readjusting its funds more than indicating a bearish reversal.
In spite of the divestitures, ARK still has considerable exposure to the crypto space, positioning itself for long-term growth trends in blockchain and digital assets.
