ARK Invest sells $65 million in crypto assets ahead of CLARITY vote

Cathie Wood's ARK Invest divested $65 million worth of cryptocurrency stocks and exchange-traded funds on September 14, the day before the U.S. Senate scheduled a procedural vote on the Digital Asset Market Clarity Act. The moves came despite significant gains in the underlying assets, with the firm trimming positions across its largest crypto holdings.

The largest portion of the sale involved ARK's own Bitcoin fund. ARK Invest sold 1,528,953 shares of the ARK 21Shares Bitcoin ETF (CBOE: ARKB), a transaction valued at approximately $40 million. This single sale accounted for the majority of the total divestment for the day.

The firm also reduced its equity positions in several major crypto companies. ARK sold 36,628 shares of Coinbase Global (Nasdaq: COIN), worth approximately $7 million. At the time of the sale, Coinbase shares had surged 9% to close at $191.45.

Circle Internet Group (NYSE: CRCL) saw a reduction of 142,350 shares, valued at approximately $13.8 million. The stock for the stablecoin issuer rose 7.5% to close at $97.42 on September 14.

Bitmine Immersion Technologies (NYSE: BMNR), identified in the report as a leading Ethereum treasury, experienced a sale of 153,881 shares worth nearly $3.96 million. Its stock increased by nearly 3% to close at $25.76.

Bullish (NYSE: BLSH) was the final equity position trimmed by ARK Invest. The firm sold 18,280 shares of the crypto exchange for around $687,700, as Bullish shares climbed 7% to close at $37.62.

These sales occurred on the eve of a critical legislative event. The U.S. Senate is set to hold a procedural cloture vote on the CLARITY Act at 2:15 p.m. ET on September 15. Passing this motion requires 60 votes, a threshold that includes securing support from at least seven Democratic senators.