ARK Invest, led by Cathie Wood, reduced its cryptocurrency-related exposure by more than $61 million on Monday through a series of stock sales across multiple holdings.
The firm sold 36,628 shares of Coinbase from its ARK Innovation ETF for approximately $7 million. ARK also divested 18,280 shares of Bullish worth roughly $687,693, following a larger sale of 121,217 Bullish shares on Friday valued at over $4.25 million.
In Circle Internet Financial, ARK sold 142,350 shares across its ARK Innovation ETF and ARK Next Generation Internet ETF for approximately $13.86 million combined.
The most significant reduction came in ARK's own Bitcoin ETF product, the ARK 21Shares Bitcoin ETF (ARKB). The firm sold nearly 1.53 million ARKB shares for over $40 million based on Monday's closing price of $26.19.
The sales preceded sharp declines in crypto-related equities. Coinbase stock fell over 10% on Tuesday, erasing a 9% gain from Monday. Circle tumbled 11.5% despite a 7.5% rally in the prior session, while Bullish declined 5%.
Bitcoin price slipped below $76,000 on Tuesday before recovering from its morning low, posting a decline of approximately 4% over 24 hours. Year-to-date, Bitcoin was down roughly 13% and trading about 45% below its October record high of $126,199.
The crypto market selloff followed Senate action on cryptocurrency legislation, as the Clarity Act was not advanced in the chamber after initial optimism from a text update on Monday.
