TL;DR
- Ark Invest sells $23M in crypto stocks, including its own Bitcoin ETF: Offloaded $12.1M Coinbase (COIN), $9.8M Block (SQ), and $1.1M Robinhood (HOOD) amid COIN’s 5% weekly drop. Also sold 28,906 shares of Ark’s Bitcoin ETF (ARKB, $5.87B AUM) as BTC corrected 3% to $115,850.
- Shifts $179M to Tesla, ETH treasury & satellites: Poured $116M into Ethereum-heavy Bitmine (BMNR +855% monthly), bought $47.6M Tesla (TSLA) during 8% dip, and added $15.3M to satellite firm Iridium (IRDM). Simultaneously exited Roblox ($11.1M).
- Rebalancing toward institutional infrastructure: Signals reduced conviction in crypto exchanges, pivoting to Tesla’s ecosystem, ETH treasury management (Bitmine), and space tech amid Bitcoin’s struggle to hold $120K.
Cathie Wood’s Ark Invest executed a strategic $23 million sell-off of crypto-linked equities on Thursday, rebalancing its innovation-focused portfolios amid shifting market conditions. The move targeted three major players: Coinbase ($12.1M sold), Block Inc. ($9.8M), and Robinhood ($1.1M), signaling reduced short-term conviction in crypto-tied stocks despite Bitcoin’s recent all-time highs.
Crypto Exit: Coinbase, Block, & Robinhood Slashed
Ark Invest’s flagship ARK Innovation ETF (ARKK) dumped 27,614 Coinbase (COIN) shares and 123,169 Block (SQ) shares, while the ARK Next Generation Internet ETF (ARKW) sold 2,887 COIN shares and 11,262 Robinhood (HOOD) shares. The sales coincided with technical weakness: COIN fell 5% over five trading days to $396.70, Block dipped 0.09%, and Robinhood slipped 0.15%.
Notably, ARK Invest also sold 28,906 shares of its own Bitcoin ETF (ARKB), which holds $5.87B in BTC, as Bitcoin struggled to hold $120,000, correcting 3% weekly to $115,850.
$116M Bet on Ethereum Treasury Giant
While retreating from exchange stocks, Ark invest tripled down on Bitmine Immersion Technologies (BMNR), pouring $116M into the Ethereum-focused firm. Bitmine recently disclosed holding 566,776 ETH ($2.03B), driving its stock up 855% in a month to $41.75. After-hours trading suggested another 4% surge, validating Wood’s conviction in ETH treasury platforms as institutional demand accelerates.
Tesla & Satellites: New Innovation Anchors
Ark pivoted aggressively toward Elon Musk’s ecosystem and space tech:
- Scooped 143,190 Tesla (TSLA) shares ($47.6M) across ARKK, ARKQ, and ARKW, buying Tesla’s 8% dip to $305.
- Added 471,024 shares of satellite firm Iridium Communications (IRDM) ($15.3M), betting on space-based connectivity.
- The firm simultaneously exited gaming platform Roblox (RBLX), selling $11.1M worth of shares.
Rebalancing for the “Next Generation Internet”
Wood’s latest moves reveal a tactical shift: reducing direct crypto exchange exposure while amplifying bets on Tesla’s ecosystem, ETH treasury management (Bitmine), and satellite infrastructure. With Coinbase showing pre-market losses toward $388 and Bitmine’s rally extending, Ark appears to be positioned for crypto’s institutional infrastructure phase rather than retail trading surges. As Bitcoin fights to reclaim $120,000, Ark’s portfolio signals where it sees resilience, and where it doesn’t.
