Cathie Wood’s Ark Invest sold off a total of $24.8 million in shares on Thursday, $12.5 million worth of Coinbase, from one of its ETFs, just as Coinbase closed at a new all-time high for the day.
Ark Invest sold a chunk of its holdings on Thursday, right as Coinbase stock was surging. The firm’s ARKK fund offloaded 33,363 shares of Coinbase, 189,649 shares of Block Inc., and 182,528 shares of Roblox during the sell-off.
Coinbase ended the day up 5.54% at $375.07, hitting a new all-time high. The stock has jumped 27% in just the past week and is now up over 51% so far this year.
As Circle’s (CRCL) stock kept rising after its IPO, Ark Invest sold $109.6 million worth of its shares on Monday, spreading the sell-off across its ARKK, ARKW, and ARKF ETFs.
Meanwhile, Coinbase’s strong rally signals a broader shift; U.S. crypto policy seems to be turning more favorable.
Coinbase’s surge is indicative of a more general improvement in the climate surrounding U.S. cryptocurrency policy. A noteworthy development in the digital asset arena is the recent passage of the GENIUS stablecoin bill by the U.S. Senate, which is now headed to the House of Representatives.
Block Inc. inched up by 0.46% on Thursday, closing at $65.11. But overall, it’s still having a rough year, down 23.39% since January.
Meanwhile, Circle, the company behind the USDC stablecoin, saw its stock rise 7.56% on Thursday. Despite a small dip earlier in the week, the stock continues to follow an upward trend.
As crypto-related stocks continue to ride the wave of regulatory optimism, Ark Invest’s latest moves suggest a strategic shift amid record valuations.
Also Read: Coinbase CEO Says “We’re Buying More Bitcoin Every Week”
