ARK Invest, led by Cathie Wood, has bought approximately $9.4 million worth of Coinbase and Circle shares. The purchase was made on August 3, as the US Senate considers its next steps on the CLARITY Act.
The ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF acquired a total of 54,776 Coinbase shares, valued at around $8.02 million. Additionally, ARK Invest bought 23,070 Circle shares, worth roughly $1.39 million.
The purchases expanded ARK's exposure to Coinbase, one of the largest publicly traded US cryptocurrency exchanges, and Circle, a stablecoin issuer. The transactions were made while the broader digital asset market remains under pressure.
Market Reaction
Coinbase closed 0.16% higher on August 3, while Circle fell 3.61% despite ARK's purchase. Circle's shares have been consolidating near recent lows after a prolonged decline from levels above $130.
Regulatory Developments
The CLARITY Act, a proposed framework for dividing oversight of the US digital asset market between federal regulators, is still being discussed by Senate leaders. The bill's prospects are uncertain, with no motion to proceed announced and a narrow procedural window before the August recess.