This is ARK’s largest ARKB share sale by volume since the fund’s 3-for-1 stock split. ARK also recently offloaded Coinbase shares, along with smaller sales of Robinhood and Block stock. Meanwhile, a look at government Bitcoin holdings reveals that Bulgaria may have missed out on a $25 billion windfall after selling 213,519 BTC that was seized in 2017. Critics say the early sale showed very poor foresight, and contrasts very sharply with countries like the US, China, and the UK, which all hold large Bitcoin reserves.
ARK Invest Dumps Bitcoin ETF Shares
Cathie Wood’s ARK Invest made its largest share sale of the ARK 21Shares Bitcoin ETF (ARKB) since the fund's mid-June stock split. It offloaded 225,742 ARKB shares from its ARK Next Generation Internet ETF (ARKW) on Tuesday. The transaction brought in approximately $8.7 million based on ARKB’s closing price of $38.70. Although this marks the biggest single-day ARKB sale by volume, it still trails the firm’s previous record in dollar terms, which is a $12 million sale in April that involved 159,496 shares.
This move happened shortly after ARKB completed a 3-for-1 stock split, which effectively tripled the number of shares and reduced the price per share from roughly $90 to around $30. Despite the split, the fund’s market value remained unchanged, and ARKB recently traded near record highs, peaking at $39.3 on July 6. When adjusted for the stock split, that price equates to an all-time high of approximately $117.9 per share.
Stock split announcement
In addition to reducing its exposure to ARKB, ARK Invest also sold 34,207 shares of Coinbase (COIN) on Tuesday, bringing in $13.3 million. This sale took place after a series of recent profit-taking actions involving Coinbase, including $2 million worth of shares sold last Thursday and another $2 million sold the following day from its ARK Innovation ETF (ARKK). The firm also reduced its holdings in Robinhood and Block last week by selling 58,504 Robinhood shares for $5.6 million and 24,780 Block shares for $1.7 million.
ARK's Circle sales on June 23 (Source: ARK Invest)
While ARK has been very active in selling off several high-profile holdings, it paused further reductions in its Circle (CRCL) position after divesting 415,844 shares worth about $110 million on June 23. These strategic moves suggest ARK is rebalancing its portfolios and taking advantage of strong market performance in its crypto-related holdings.
Selling Bitcoin Early Cost Bulgaria Billions
ARK Invest is not alone in its profit taking spree. In 2017, Bulgaria made headlines by seizing 213,519 Bitcoin, which was valued at around $3.5 billion at the time. This was enough to cover a very large portion of the country’s national debt.
The government reportedly sold the Bitcoin the next year, but there is still some speculation that it may hold some of the digital assets despite official denials. Today, that same Bitcoin stash would be worth more than $25.24 billion, which is more than Bulgaria’s current public debt of $24 billion, according to World Economics data.
Bulgaria Bitcoin holdings (Source: BitcoinTreasuries.NET)
While some may see the early liquidation as a missed opportunity, experts offer a more nuanced perspective. Alex Obchakevich, founder of Obchakevich Research, explained that Bitcoin’s volatility made it difficult to treat as a stable reserve asset. He argued that the risks of a sharp decline in value likely outweighed the potential upside at the time. A more balanced strategy, he said, would have involved holding 10–15% of the Bitcoin, slowly liquidating the rest, and using derivatives for hedging.
Others, however, were more critical of the government’s move. Robert Znidar, director at Iconomi, attributed the decision to a lack of understanding of Bitcoin’s philosophy and long-term utility. He believes that given today’s increased institutional acceptance of crypto, such a decision would likely not be repeated.
Similarly, Bulgarian native and co-CEO of Web3 market maker Enflux, Valentin Mihov, reflected on how governments at the time misunderstood crypto’s strategic potential. He acknowledged that concerns around custody, regulation, and EU fiscal policy played a big role in the decision, but suggested a partial hold would have been a lot wiser. A 10–20% strategic reserve, he said, could have positioned Bulgaria as a forward-thinking leader in sovereign Bitcoin adoption.
The situation draws a sharp contrast with other governments, many of which hold large amounts of Bitcoin. According to recent data, countries collectively hold around 463,000 BTC, about 2.3% of the total supply.
Governments holding Bitcoin (Source: BitcoinTreasuries.NET)
The United States leads with over 198,000 BTC, followed closely by China with 190,000. Other top holders include the United Kingdom with 61,245 BTC, Ukraine with 46,351, and North Korea with 13,562, much of which was reportedly acquired through state-sponsored cyberattacks. Bhutan, with 10,486 BTC, rounds out the top six.
