Cathie Wood's investment firm Ark Invest is once again reshuffling its innovation-focused portfolio. The latest moves reveal a clear shift away from cryptocurrency-related stocks and renewed confidence in companies like Tesla, Bitmine, and Iridium Communications.
Coinbase, Robinhood, and Block Under Selling Pressure
On July 24, Ark Invest sold 30,501 shares of Coinbase (COIN) from its ARKK and ARKW ETFs, totaling around $12.1 million. This sale followed additional offloads — 11,262 shares of Robinhood ($1.1 million) and 123,169 shares of Jack Dorsey's Block ($9.8 million).
The firm also sold 28,906 shares of its own Bitcoin ETF, ARKB, which holds nearly $5.9 billion worth of BTC. These actions come amid a market correction, following Bitcoin's recent all-time high above $123,000. At the time of writing, BTC is trading at approximately $115,850.
Coinbase, heavily tied to crypto market performance, has seen its price drop by over 5% in the past five trading days, closing at $396.7 on Thursday. Pre-market data suggested a further decline toward the $388 level.
Tesla and Bitmine: A Clear Bet on the Future
While Ark is trimming crypto positions, it’s aggressively increasing exposure elsewhere. The firm invested $116 million in Bitmine Immersion Technologies (BMNR), an Ethereum (ETH) infrastructure company backed by Peter Thiel. BMNR shares have surged 855% over the past month, trading at around $41.75. After-hours trading suggested an additional 4% increase.
Ark also boosted its stake in Tesla, purchasing 143,190 shares through its ARKK, ARKQ, and ARKW funds, worth roughly $47.6 million. Tesla shares dropped over 8% in the past week, creating a buying opportunity for Ark. This move reaffirms Wood’s long-term bullish stance on Elon Musk.
Satellite Communication and Exit from Roblox
In addition, Ark bought 471,024 shares of Iridium Communications (IRDM) for about $15.3 million, spreading the investment across ARKK, ARKQ, and ARKX. Iridium, a satellite connectivity company, is gaining traction among funds betting on the future of space-based communications.
Meanwhile, Ark fully exited its position in Roblox, selling 93,460 shares valued at $11.1 million.
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