Ark Invest cuts $65 million in Coinbase, Circle stakes before Senate's crypto vote

Cathie Wood’s Ark Invest offloaded more than $65 million in crypto shares on Monday.

The trims hit Coinbase, Circle, and three other names hours before a Senate vote that could settle the fate of the crypto industry’s biggest legislative push this year.

ARKB sale alone tops $40 million

Ark sold 36,628 Coinbase (COIN) shares for about $7 million as the stock closed up 9.24% at $191.45.

It sold 142,350 shares of Circle (CRCL) via two funds for about $13.8 million. CRCL gained 7.53% to $97.42.

Ark sold 1,528,953 shares in the ARK 21Shares Bitcoin ETF (ARKB) for about $40 million, even as the fund jumped 2.22% to $26.19.

The company also sold 153,881 shares of Bitmine (BMNR) for about $3.96 million and 18,280 shares of Bullish (BLSH) for $687,693. The day’s total came to about 1.88 million shares.

Every name Ark touched had closed higher that day. That’s selling into strength.

Ark limits each position to 10% of a fund’s total assets. For example, a sharp jump can send a position over that ceiling and set off a trim that happens almost automatically

In July, Cryptopolitan reported Ark buying a lagging Circle and trimming a rallying Robinhood.

Through its ETFs, Ark is still one of the biggest institutional holders of crypto stocks. Coinbase and Circle’s stakes make Monday’s cuts less noticeable.

Polymarket odds fall from 34.5% to 16.5% before cloture

Crypto stocks rallied as Congress returned from its August recess and traders grew hopeful that the Digital Asset Market Structure Clarity Act might pass the Senate this month.

Senate Republicans on Monday put out the final draft of the bill. It included changes Democrats had sought on ethics provisions, which Donald Trump had already signed off on.

Polymarket odds of the Clarity Act becoming law peaked at 34.5% early Monday, before falling to 16.5% by Tuesday afternoon.

The bill is set for a cloture vote at 2:15 p.m. ET on Tuesday. To move forward, the bill needs 60 votes, which is more than a simple majority can muster.

Democrats didn’t accept the Republicans’ bill. On Monday night, they wrote their own counterversion.

They want to change the ethics rule, which decides whether officials must divest crypto holdings or move them into a blind trust.

Democrats have pushed for tougher rules since Trump’s disclosures showed more than $1.4 billion in crypto-related income for 2025. They say the Republican wording leaves loopholes.

“If Democrats are serious about reaching a deal, they need to actually start negotiating instead of resubmitting the same demands and calling it progress,” said Katie Warbinton, a spokesperson for Senator Cynthia Lummis.

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