Bitcoin News Today: ARK Invest Sells $8.7 Million in ARKB Shares After 66% Price Drop

ARK Invest, the investment management firm led by Cathie Wood, sold 225,742 shares of the Bitcoin Spot ETF ARKB yesterday, generating $8.7 million in proceeds. This transaction marks the largest single-day sale of ARKB shares by ARK Invest to date. The sale occurred after ARKB underwent a 3-for-1 stock split in mid-June, which tripled the number of shares outstanding by dividing each existing share into three. As a result of the stock split, the share price of ARKB was adjusted to one-third of its pre-split value, dropping from approximately $90 to around $30 per share. This price adjustment reflects a 66% reduction in the share price.

The sale of ARKB shares by ARK Invest came as the Bitcoin ETF was trading near record highs. Prior to the stock split, ARKB's share price peaked at $39.3 on July 6, which would equate to an all-time high of $117.9 per share on a pre-split basis. Despite the significant sale, ARK Invest's decision to offload ARKB shares does not necessarily indicate a bearish stance on Bitcoin. The firm may have chosen to sell shares to realize gains or reallocate capital to other investment opportunities.

In addition to the sale of ARKB shares, ARK Invest's ARKW fund also sold 34,207 shares of Coinbase (COIN) on the same day, generating $13.3 million in proceeds. This latest sale of COIN shares follows a series of recent profit-taking moves by ARK Invest. 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). Furthermore, 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. Meanwhile, ARK has held off on further sales of Circle (CRCL) shares since offloading 415,844 shares worth around $110 million on June 23.