Cathie Wood’s ARK dumps its Bitcoin ETF after split-adjusted ATH

Cathie Wood’s investment company $ARK Invest has dumped the biggest amount of its spot Bitcoin exchange-traded fund (ETF) following a stock split in mid-June. $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 Cointelegraph. 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. 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. Related: Crypto funds post $3.7B inflows as Bitcoin soars to new highs 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. 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 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. Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears [Cointelegraph]