On June 26, Ark Invest, led by Cathie Wood, made significant sales of shares in major fintech companies totaling over $24 million, including stakes in Coinbase and Block Inc.
Ark Invest's Coinbase Share Sale at Market High
The sale of Coinbase shares was executed through Ark's flagship ETF, the Ark Innovation ETF (ARKK), which sold 33,363 shares for approximately $12.5 million. This transaction occurred as Coinbase's stock closed at $375.07, climbing 5.54% for the day. The stock has surged 27.02% over the past five days and has gained 51.06% so far in 2025, following Coinbase assisting the U.S. Secret Service in an investigation leading to the seizure of $225 million in cryptocurrency linked to investment scams.
Block Inc.'s Performance During Selling Period
In addition to Coinbase, Ark Invest sold 189,649 shares of Block Inc., a financial services company led by Jack Dorsey, generating $12.3 million. Block's stock closed slightly higher at $65.11, up 0.46% for the day. The company faced challenges in 2025, with its stock declining 23.39% since January.However, Block is making significant moves in the industry, including plans to integrate Bitcoin payments on Square using the Lightning Network by 2026.
Renewed Interest in Circle and CRCL Stocks
On the same day, the stock price of Circle's CRCL, the issuer of the USDC stablecoin, rose by 7.56%. This follows a rally that had briefly paused earlier in the week. The increase in Circle's stock underscores renewed investor interest in companies associated with stablecoins and blockchain infrastructure. Circle's market valuation now exceeds its stablecoin's $60 billion circulating supply.
Ark Invest's actions to sell Coinbase and Block shares amid market peaks highlight current trends in the cryptocurrency industry and changes in the investment strategies of major market players.
