ARK Invest, led by Cathie Wood, sold 218,986 Coinbase (COIN) shares worth approximately $90.5 million and 463,293 Roblox (RBLX) shares valued at $57.7 million across its ARKK, ARKW, and ARKF ETFs on July 21. Simultaneously, the firm invested $174–175 million in 4.4 million shares of Bitmine Immersion Technologies (BMNR), an Ethereum treasury company chaired by Fundstrat's Tom Lee. This allocation now represents 1.5% of each ETF's portfolio.
Bitmine shifted from Bitcoin to Ethereum in late June, triggering a 3,000% stock surge to an all-time high of $135 by July 3. Though now at $39.57, BMNR remains up 400% year-to-date. The move attracted billionaire Peter Thiel, who acquired a 9.1% stake last week. ARK also reduced Robinhood and Block holdings while adding minor positions in AMD and DoorDash.
Coinbase shares dipped 1.47% to $413.63 post-sale despite recently hitting record highs. Cantor Fitzgerald raised COIN's price target to $500, citing its evolution into "critical crypto infrastructure." Notably, ARKW sold 225,742 shares of the ARK 21Shares Bitcoin ETF (ARKB) on July 16, signaling reduced BTC exposure.