Cathie Wood's Ark Invest Sells Bitmine While Adding to Coinbase and Circle Holdings - BIF

In brief

Ark Invest sold about $4.4 million worth of Bitmine, Robinhood, Block, and Bullish shares.
The firm recently purchased roughly $43.5 million of Coinbase and Circle stock.
Ark also bought about $14.5 million of SpaceX shares on Wednesday.

Cathie Wood’s Ark Invest sold about $4.4 million worth of crypto-related stocks on Wednesday, trimming positions in Ethereum treasury company Bitmine Immersion Technologies, Robinhood, Block, and Bullish after the companies’ shares fell.

The firm’s largest sale was 120,665 shares of Bitmine, valued at about $2 million. Ark also sold 13,403 shares of Block worth about $1.1 million, 12,561 shares of Robinhood worth about $1.1 million, and 11,314 shares of Bullish valued at roughly $247,000. Bitmine closed down 5.6% on Wednesday, while the other three stocks also finished the session lower.

Ark’s daily trading disclosure also showed the firm purchased about $14.5 million worth of SpaceX shares across several of its exchange-traded funds.

The sales follow recent purchases of crypto-related stocks. Over the previous three trading days, Ark bought roughly $43.5 million worth of Coinbase and Circle shares, including about $18.6 million of Coinbase stock and $12.9 million of Circle.

The latest moves come as crypto equities have weakened alongside digital asset prices. Robinhood, which reported second-quarter earnings this week that topped Wall Street expectations, said revenue from its crypto business fell nearly 40% from a year earlier as trading activity slowed.