Ark Invest purchased more than 4.4 million shares of Bitmine worth $175 million to increase its Ethereum sector exposure.
Ark Invest sold around 219,000 shares of Coinbase valued at $90 million after the stock reached its recent highest level.
Ark Invest trimmed its holdings in Robinhood and Block to focus more capital on Ethereum related investments like Bitmine.
Ark Invest increased its position in Bitmine Immersion Technologies by acquiring more than 4.4 million shares on July 21st. The total investment amounted to nearly $175 million. Bitmine operates as an Ethereum-focused treasury and mining company. The purchase was spread across multiple Ark ETFs.
https://twitter.com/WuBlockchain/status/1947492495841182131
The Ark Innovation ETF (ARKK) received the largest portion, adding about 2.9 million shares. The Ark Next Generation Internet ETF (ARKW) and Ark Fintech Innovation ETF (ARKF) also took part in the acquisition. Bitmine Immersion holds over 300,000 ETH in its treasury which strengthens its appeal to institutional investors.
Coinbase Holdings Trimmed Amid Market Peak
While expanding its Ethereum mining position, Ark also executed major sales in other holdings. It sold around 219,000 shares of Coinbase across three funds. The sale brought in about $90.58 million.
This move followed Coinbase’s recent price surge. The stock reached an all-time high after U.S. lawmakers passed new crypto regulations. The new legislation outlines a federal framework for stablecoins and other digital assets. Coinbase also returned to the top 100 apps on the Apple App Store.
The Ark Innovation ETF (ARKK) sold 174,746 Coinbase shares. ARKW and ARKF sold 27,663 and 16,577 shares, respectively. By reducing its Coinbase exposure, Ark appears to be locking in gains after the stock’s strong rally.
Robinhood and Block Shares Also Reduced
Alongside the Coinbase sale, Ark also adjusted other positions. It sold 109,824 shares of Robinhood through ARKW, totaling $11.46 million. Robinhood’s stock closed down nearly 5% on the same day.
The firm also offloaded 90,061 shares of Block Inc. through ARKF. That transaction totaled about $7 million. Block’s stock, however, rose over 7% to close at $78.08. These trades reflect a reallocation of capital toward areas showing stronger projected growth.
Portfolio Rebalancing Strategy in Effect
Ark Invest follows a strategy that limits any single stock to 10% of a fund’s portfolio. This rule supports diversification and helps manage risk. The firm rebalances its holdings to stay within that limit as asset values fluctuate. Ark Invest also acquired 997 BTC worth $80 million through Coinbase early in the year.
These recent trades suggest Ark sees increased long-term value in Ethereum-related infrastructure. The investment in Bitmine Immersion shows rising interest in crypto firms with substantial token reserves. Meanwhile, trimming positions in Coinbase, Robinhood, and Block helps maintain portfolio balance.
