Cathie Wood Bearish on 'Clarity Act'? Ark Invest Dumps Over $60 Million in Crypto Stocks Ahead of Vote

TradingKey - On the eve of the Clarity Act vote, Cathie Wood offloads crypto stocks en masse, cashing out over $60 million.

On Monday (September 14) Eastern Time, driven by the impending vote on the Clarity Act, crypto concept stocks staged a broad rally. Among them, Coinbase (COIN) surged over 9%, Circle (CRCL) and Bullish (BLSH) both gained over 7%, while Bitmine (BMNR) rose about 3%.

Coinbase stock price chart, Source: TradingView

As crypto stocks surged, Cathie Wood's Ark Invest offloaded a substantial amount of related shares. According to The Block, Ark Invest sold over $13 million in Circle, $7 million in Coinbase, nearly $4 million in Bitmine, and $700,000 in Bullish shares, while also dumping around $40 million of a spot Bitcoin ETF—the Ark 21Shares Bitcoin ETF (ARKB). These moves sparked market attention and raised questions over whether the firm is bearish on the upcoming vote on the Clarity Act.

September 14 marked the most critical day of revisions and negotiation ahead of the Senate vote on the bill, as Republican Senator Cynthia Lummis and others released the latest final text of the legislation. To secure key Democratic votes, the draft incorporated Democratic proposals regarding conflict-of-interest restrictions on crypto assets for public officials and the president, including requiring crypto holdings to be placed in blind trusts. Additionally, Donald Trump's team agreed to these new ethical provisions at the last minute, paving the way for the inclusion of more than 120 Democratic revision requests in the bill.