Cathie Wood’s ARK Buys More Coinbase, Circle Stock As CLARITY Act Vote Looms

Cathie Wood’s ARK Invest added more crypto-related stocks to its portfolio on August 3 as the U.S. Senate is getting ready to take another major step towards the CLARITY Act. The firm bought more holdings in Coinbase Global and Circle Internet Group via a slew of exchange-traded funds.

Cathie Wood Continues Buying Coinbase, Circle Stock

For context, Coinbase stock closed at $146.50, up 0.16%. The ARK Innovation ETF (ARKK) was the top buyer of Coinbase, buying 38,761 shares valued at approximately $5.68 million, as of the close.

On Monday, Cathie Wood’s ARK Next Generation Internet ETF (ARKW) acquired approximately $1.63 million worth of Coinbase shares, representing 11,133 units. The ARK Fintech Innovation ETF (ARKF) also bought 4,882 COIN shares, valued at approximately $715,213.

Overall,  Cathie Wood-led ARK bought 54,776 shares of Coinbase, valued at about $8.02 million.

Circle stock closed at $60.35, declining 3.61% for the day. Whilst, ARK Innovation ETF (ARKK) bought 17,910 CRCL shares, worth approximately $1.08 million, per the latest disclosure. Meanwhile, the ARK Next Generation Internet ETF (ARKW) purchased an additional 5,160 Circle shares for almost $311,406.

In total, Cathie Wood’s ARK bought 23,070 shares of Circle stock valued at about $1.39 million. The total amount spent by the company for the two transactions, Coinbase and Circle, is approximately $9.42 million at Monday’s closing prices.

About CLARITY Act’s Progress In Washington

Cathie Wood’s purchase occurred as lawmakers continued discussions on the CLARITY Act. The Senate is still tackling several large issues before members break for the August recess, Senate Majority Leader John Thune said.

Thune said, “We have a bunch of stuff that we have to finish, and we’ll just stay here until we finish it.” Moreover, he also listed the CLARITY Act among the Senate’s remaining priorities.

On the bill’s prospects, Thune added, “I think market structure we’ll get a vote on. Whether we can get on it or not, we’ll see.”

However, the crypto bill has not been posted on the official schedule on the Senate floor, despite those remarks. A vote to cloture H.R. 6500 is on the chamber’s agenda, but there has been no vote to proceed with H.R. 3633, the CLARITY Act.

Crypto analyst Ted Pillows warned that time is running short before the month-long recess. He said, “If Senate leadership waits until Wednesday to file cloture, a procedural step required to move the bill forward, the earliest vote would likely be Friday.”