Cathie Wood’s Ark Invest continued to pare back its Coinbase holdings on Thursday, selling $12.1 million worth of shares across two of its ETFs. The move comes as the firm rebalances its exposure to crypto-related equities and shifts focus toward new bets in the sector.
Ark Innovation ETF (ARKK) sold 27,614 Coinbase shares, while the ARK Next Generation Internet ETF (ARKW) offloaded another 2,887 shares, according to the firm’s latest trading disclosure.
The sales are part of a broader reshuffle. Earlier in the week, Ark invested $116 million into Bitmine Immersion Technologies, a treasury management company backed by Peter Thiel that holds over $1 billion in ether (ETH). Ark has been steadily building its position in Bitmine, with recent filings showing $175 million worth of shares acquired across its ETFs.
In addition to Coinbase, Ark also trimmed other positions. It sold 123,169 shares of Block Inc. (formerly Square), worth about $9.8 million based on Thursday’s closing price, and unloaded 11,262 shares of Robinhood Markets, valued at roughly $1.1 million.
Ark also reduced exposure to its own bitcoin ETF (ARKB), selling 28,906 shares worth another $1.1 million.
Shares of Coinbase closed down 0.28% at $396.70 on Thursday. Block slipped 0.09% to $79.77, while Robinhood edged 0.15% lower to $101.93, according to Yahoo Finance.
Ark’s rotation suggests a tactical move to take profits from earlier crypto winners and allocate capital into emerging plays like Bitmine, which is promoting itself as a key player in ether-based corporate treasuries.
This strategy worked last month when Ark Invest sold more than $109 million worth of Circle shares, taking profits as the stock continued its dramatic post-IPO rally. The sale comes just weeks after Ark scooped up more than 4.4 million Circle shares during the stablecoin issuer’s public market debut on June 5. Circle priced its IPO at $31 per share; the stock has since gained nearly 600%.