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.

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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.

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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.