Cathie Wood’s Ark Invest reduced positions in four crypto-linked companies on Wednesday, selling shares of Bitmine Immersion Technologies (BMNR), Block (XYZ), Bullish (BLSH) and Robinhood (HOOD) as each stock ended the session lower.
The transactions, disclosed in Ark Invest’s daily trading report, follow months in which the investment manager increased exposure to several digital asset companies during periods of market weakness. While the sales drew attention because they involved multiple crypto-related holdings on the same day, Ark’s actively managed ETFs routinely rebalance positions to keep portfolio allocations within target ranges as stock prices fluctuate.
Ark Invest Cuts Crypto-Linked Holdings
Ark Invest’s flagship ARK Innovation ETF (ARKK) sold 120,665 shares of Bitmine valued at roughly $2 million based on Wednesday’s closing price, making it the firm’s largest disposal of the session. Shares of the Tom Lee-backed Ethereum treasury company declined 5.6% to close at $16.59 after extending recent weakness across crypto-related equities.
The ETF also sold 13,403 shares of Block worth about $1.1 million, 12,561 shares of Robinhood valued at approximately $1.1 million and 11,314 shares of Bullish worth around $247,000. Each of the four companies finished Wednesday’s trading session lower.
The Robinhood sale came after the online brokerage reported second-quarter earnings that exceeded Wall Street expectations, although revenue generated from its crypto business fell nearly 40% from a year earlier. The results reflected softer digital asset trading activity despite broader strength across the company’s business.
The latest disposals follow previous purchases of Circle, Bullish and Bitmine during earlier market pullbacks. Ark has frequently added to high-conviction holdings when valuations decline while also trimming positions that have grown within its actively managed funds, making both buying and selling recurring features of its investment approach.
Bitmine Strategy Remains in Focus
Alongside the crypto-related sales, Ark disclosed the purchase of 128,932 shares of SpaceX across several of its ETFs, valued at roughly $14.5 million based on Wednesday’s transaction price. SpaceX shares fell 3.32% on the Nasdaq to close at $112.55, dropping further below the $135 level at which the company went public in June. The purchase means Ark averaged down on a stock now trading beneath its IPO price, underscoring the firm’s willingness to build exposure to high-growth technology companies while rebalancing other holdings.
Ark Invest has long managed its funds by limiting the weighting of individual holdings. As positions appreciate or decline, the firm routinely adjusts allocations to maintain diversification and risk targets. Wednesday’s trades are consistent with that portfolio management strategy and, on their own, do not necessarily indicate a broader change in Ark Invest’s long-term investment outlook.
The sales also come months after Ark identified Ethereum treasury companies as a key opportunity in its 2026 investment outlook. The firm has participated in previous Bitmine financing rounds and remains among the company’s notable institutional investors.
Meanwhile, Bitmine has continued expanding its Ethereum treasury despite recent weakness in its share price. The company recently added another 25,000 ETH to its balance sheet as part of its long-term accumulation strategy and has reiterated its ambition to build one of the largest corporate Ether treasuries. The continued accumulation highlights that the company’s treasury strategy remains unchanged even as institutional investors periodically rebalance their holdings.