Cathie Wood’s ARK Invest has offloaded its largest amount of shares in its spot Bitcoin ETF since the fund’s mid-June stock split.
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 Coinpectra.
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.
However, in dollar terms, the sale was significantly smaller than the $12 million ARKB dump last April, where ARK offloaded 159,496 ARKB shares.
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.
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.
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In ARKB’s case, this meant a decline from roughly $90 to about $30 per share, reflecting a 66% price adjustment.
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.
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.
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).
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.
Meanwhile, ARK has held off on further sales of Circle (CRCL) shares since offloading 415,844 shares worth around $110 million on June 23.
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