Cathie Wood’s ARK Dumps Bitcoin ETF: The Drama Unfolds 🤑

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So, Cathie Wood’s investment company ARK Invest has decided to give the biggest amount of its spot Bitcoin exchange-traded fund (ETF) the ol’ heave-ho after a stock split in mid-June. 🚀

ARK offloaded 225,742 shares of the ARK 21Shares Bitcoin ETF (ARKB) from its ARK Next Generation Internet (ARKW) on Tuesday, according to a trade notification seen by CryptoMoon. Can you believe it?!

The sale netted $8.7 million based on ARKB’s closing price of $38.70 on Tuesday, marking ARK’s largest single-day sale of ARKB shares on record. But hey, in dollar terms, it was still smaller than the $12 million ARKB dump last April, where ARK offloaded 159,496 ARKB shares. Small potatoes, right? 🥔

ARKB Hits All-Time High After Stock Split

The recent sale came after ARKB underwent a 3-for-1 stock split in mid-June, which tripled the number of shares by dividing each existing share into three. It’s like magic, but with numbers! ✨

As is typical with stock splits, the total market value of holdings remained unchanged, but the share price was adjusted accordingly — dropping to one-third of its pre-split value. So, it’s like getting three smaller slices of the same cake. 🍰

In ARKB’s case, this meant a decline from roughly $90 to about $30 per share, reflecting a 66% price adjustment. Ouch, that’s a lot of cents! 🤔

ARK’s latest $8.7 million sale of ARKB shares came as its Bitcoin ETF traded near record highs. 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. Wow, talk about timing! 🕒

ARK Cashes Out on Coinbase

In addition to ARKB shares, ARK’s ARKW fund also sold 34,207 Coinbase (COIN) shares on Tuesday, generating $13.3 million. It’s like they’re on a selling spree, but with a side of profit-taking. 🛍️

This latest COIN sale follows a series of recent profit-taking moves by ARK. Last Thursday, ARK sold $2 million worth of Coinbase shares and then offloaded an additional $2 million on Friday from its ARK Innovation ETF (ARKK). It’s like they’re playing a high-stakes game of financial Tetris. 🎮

Additionally, ARK Innovation ETF (ARKK) sold 58,504 shares of Robinhood (HOOD) valued at $5.6 million, along with 24,780 shares of Block (XYZ) worth $1.7 million last Thursday. It’s like they’re cleaning out their financial closet. 🧺

Meanwhile, ARK has held off on further sales of Circle (CRCL) shares since offloading 415,844 shares worth around $110 million on June 23. Maybe they’re just taking a breather? 🧘‍♀️

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2025-07-16 16:42