Cathie Wood sells stock at the top to load up on unusual bet
Cathie Wood’s Ark Invest has trimmed its holdings in several high-profile crypto stocks — including Coinbase (COIN) and Robinhood (HOOD) — while making a bold move into an unexpected asset, an Ether-focused treasury firm backed by Peter Thiel.
On July 24, Ark sold 30,501 shares of Coinbase worth roughly $12 million, continuing a trend of profit-taking on one of the most closely watched crypto equities. The firm also dumped 11,262 shares of Robinhood, totaling around $1.1 million, based on the stock’s closing price that day.
At the same time, Ark increased exposure to Bitmine Immersion Technologies (BMNR), an ether-focused treasury platform. Last week, the firm poured $116 million into Bitmine, which specializes in immersion cooling tech and on-chain capital strategies.
Join the discussion with CryptosRUs on Roundtable here.
The selloff wasn’t limited to Coinbase and Robinhood. Ark also offloaded 123,169 shares of Jack Dorsey’s Block Inc. (XYZ), worth an estimated $10 million. Additionally, 28,906 shares of Ark’s own Bitcoin ETF (ARKB) were sold, valued at approximately $1.1 million.
This shift in allocation comes as crypto markets remain highly volatile. Bitcoin is down 2.5% to $115,536.96, while Ethereum trades up 1.59% at $3,692.93. XRP, despite recent headlines, dipped slightly by 0.11% to $3.10.
Join the discussion with Scott Melker on Roundtable here.
Ark’s latest pivot suggests a strategy shift — possibly an attempt to gain more leverage in Ethereum’s ecosystem via Bitmine, as traditional plays like Coinbase and Robinhood show signs of plateauing.
Coinbase and Robinhood Hit All-Time Highs
As of July, both Coinbase (COIN) and Robinhood (HOOD) have surged to new all-time highs, reflecting strong investor interest amid a booming crypto market. COIN reached a record price of $419.78, while HOOD climbed to $113.44, marking its highest valuation ever.
Robinhood (HOOD) is up nearly seven times in 2025, soaring from $14 to $113, fueled by crypto growth and new products. Coinbase (COIN) has more than doubled year-to-date, rising from $170 to $419.