Cathie Wood’s ARK Invest Offloads Record Number of Bitcoin ETF Shares
Cathie Wood’s ARK Invest has executed its largest single-day sale of Bitcoin ETF shares since its mid-June stock split, divesting 225,742 units of the ARK 21Shares Bitcoin ETF (ARKB).
Largest Post-Split Sale, but Smaller than Previous Record
The sale, reported via a trade notification and using Tuesday’s closing price of $38.70, generated $8.7 million in proceeds. While the volume of shares sold represents the highest since the split, the dollar amount was significantly lower than the $12 million ARKB sale recorded in April 2024.
ARKW generated $13.3 million by selling an additional 34,207 shares of Coinbase (COIN) on Tuesday.
The Pre-Split Context: Record Highs and Adjustments
In the days following the sale, ARKB reached a peak value of $39.3, which would adjust back to the split-adjusted all-time high of $117.9 had the split not occurred.
Mid-June 3-for-1 Stock Split Explained
The recent sale occurs after the fund underwent a 3-for-1 stock split in mid-June 2024. This corporate action tripled the number of outstanding ARK shares, reducing the share price from approximately $90 to $30 ($30.10 pre-split peak) and representing a 66% adjustment.
Despite this significant price reduction, the ETF’s market value remained unchanged overall.
