ARK Invest, led by Cathie Wood, has executed its largest sale of Bitcoin ETF shares following a stock split, attracting market attention.
ARK Invest Significantly Reduces Its Bitcoin ETF Holdings
ARK Invest sold 225,742 shares of ARK 21Shares Bitcoin ETF (ARKB) from its ARK Next Generation Internet (ARKW) fund on Tuesday. This sale netted $8.7 million based on ARKB’s closing price of $38.70, marking the largest single-day sale of ARKB shares on record.
ARKB Stock Split and Its Price Impact
The recent sale came after ARKB underwent a 3-for-1 stock split in mid-June, which tripled the number of shares. This resulted in a decline of the share price from roughly $90 to about $30, reflecting a 66% price adjustment. The fund peaked at $39.3 on July 6, which on a pre-split basis would equate to an all-time high of $117.9 per share.
Further Asset Sales by ARK and Their Implications
ARK also sold 34,207 shares of Coinbase for $13.3 million on the same day. This latest sale follows a series of recent profit-taking moves by ARK, including a $2 million sale of Coinbase shares and $5.6 million worth of Robinhood shares.
The sale of ARK Invest shares and the implications of the ARKB stock split highlight the company's active stance in the market, characterized by profit-taking and portfolio reevaluation.
