Ark Invest sells $65.6 million worth of cryptocurrency-related stocks and ETFs

Active management. Ark Invest sold shares of Coinbase, Circle, BitMine and Bullish on Monday, as well as shares of the ARK 21Shares Bitcoin ETF (ARKB). At closing prices, these sales represent approximately $65.6 million, including $40 million for ARKB shares alone. All the stocks concerned ended the session higher.

Key Points

Ark Invest sold more than $65 million in cryptocurrency-related securities on Monday, including $40 million from its own ARKB Bitcoin ETF

Circle represents the biggest share sale with 142,350 shares for $13.8 million, while the price remains far from its highs

Coinbase (+9.24%), Circle (+7.53%) and Bullish (+7.12%) all rose, driven by hopes of passage of the Clarity Act

The text faces a cloture vote that requires 60 votes in the Senate, where the Republican majority has only 53 seats.

Circle, Coinbase and ARKB: Details of Ark Invest sales

According to transaction notices published by Ark, the management company sold 142,350 Circle shares in two funds. At the closing price of $97.42, their value reached approximately $13.9 million. Circle gained 7.53% on Monday. Ark also sold 36,628 Coinbase shares, worth about $7 million at the closing price of $191.45; the stock rose 9.24%.

The sales also include 153,881 shares of BitMine, valued at approximately $4 million, and 18,280 shares of Bullish, worth nearly $688,000. The largest transaction, however, involves 1,528,953 shares of the ARKB Bitcoin ETF, or approximately $40 million at the closing price of $26.19. This is a sale of ETF shares held by Ark funds, not an announcement of a direct sale of bitcoins.

These amounts remain estimates: the notices indicate the quantities negotiated, but not necessarily the execution prices. Ark also regularly adjusts its positions. Its weighting policy generally suggests a maximum of 10% of a security in its active funds at the time of purchase, but that alone does not establish the reason for Monday's sales.

Clarity Act: A procedural vote, not an adoption

These transactions precede a meeting in the US Senate. According to its official calendar, elected officials will vote Tuesday, September 15, around 2:15 p.m. Eastern time, on a motion aimed at closing the debate on the opening of the examination of the Digital Asset Market Clarity Act. This procedure normally requires 60 votes. Even if it is successful, the text is not adopted: its examination in the Senate must still follow.

The House of Representatives approved its version by 294 votes to 134. The project aims in particular to clarify the sharing of powers between the SEC and the CFTC for digital assets. His review's outlook may have contributed to investor interest in crypto stocks on Monday, but it does not demonstrate the cause of each rise.