Cathie Wood's Ark Invest executed significant portfolio rebalancing on Thursday, selling $12.1 million worth of Coinbase shares across its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). ARKK offloaded 27,614 shares while ARKW sold 2,887 shares of the crypto exchange. Simultaneously, Ark divested $9.8 million in Block Inc. (formerly Square) shares and $1.1 million in Robinhood Markets stock, while also reducing exposure to its Bitcoin ETF (ARKB) by $1.1 million.
The sales accompany Ark's strategic pivot toward Ethereum-focused investments, having deployed $175 million into Bitmine Immersion Technologies – a Peter Thiel-backed treasury management firm holding over $1 billion in Ethereum (ETH). This week's $116 million injection builds upon Ark's growing position in Bitmine, which positions itself as a leader in corporate ETH treasury solutions.
This reshuffle reflects Ark's tactical profit-taking from crypto equities like Coinbase (which closed down 0.28% at $396.70) and Block (down 0.09% at $79.77), redirecting capital toward emerging ETH-centric opportunities. The strategy echoes Ark's successful $109 million Circle stock sale last month following its 600% post-IPO surge.