Cathie Wood’s Ark Invest Trims Coinbase To Back Tom Lee’s Ethereum Treasury Firm

Key Insights:

• Ark Invest has bought over 4.4 million shares in Ethereum treasury firm BitMine Immersion while dumping Coinbase stock.
• The firm reduced holdings in Coinbase, Robinhood, and Block across three of its ETFs.
• The shift reflects a stronger focus on Ethereum treasury strategies in Ark Invest’s portfolio.

Cathie Wood’s asset management firm Ark Invest has shifted its crypto holdings by buying more than 4.4 million shares in Ethereum treasury company BitMine Immersion.

At the same time, it sold shares in the top crypto exchange Coinbase, Robinhood, and Block across its ETFs as part of a portfolio adjustment.

Ark Invest Focuses on BitMine Immersion in New Ethereum Bet

According to reports, on July 21, Ark Invest changed its crypto strategy by increasing its stake in BitMine Immersion. This is a company that holds a large treasury of Ethereum and is backed by FundStrat’s Tom Lee.

The Cathie Wood firm bought 4,421,034 shares, which were worth about $175 million at the closing price of $39.57 per share.

This purchase was made through three of Ark’s exchange-traded funds. The Ark Innovation ETF (ARKK) bought 2,937,432 shares.

The Ark Next Generation Internet ETF (ARKW) acquired 927,898 shares. Ark Fintech Innovation ETF (ARKF) took 555,704 shares.

BitMine Immersion has become one of the largest holders of Ethereum. Data from Strategic ETH Reserve shows the company holds more than 300,000 ETH.

This placed it ahead of other major holders such as SharpLink and the Ethereum Foundation, which have around 280,000 and 234,000 ETH, respectively.

It is worth mentioning that this move appears to be part of a shift in Ark Invest’s focus toward Ethereum treasury strategies.

More importantly, the timing also matched trends in the Ethereum market. Glassnode data showed some profit-taking by buyers near the $2,520 price point since early July.

However, many investors still hold close to 2 million ETH, indicating continued interest.

Ark Invest Cuts Back on Coinbase and Robinhood

Reports also show that at the same time as buying BitMine shares, Ark Invest sold some of its holdings in Coinbase and Robinhood.

The firm sold 218,986 shares of Coinbase, worth roughly $90.6 million. It also sold 109,824 shares of Robinhood, valued at about $11.46 million.

Per the update, these sales were spread across the same three ETFs ARKK, ARKW, and ARKF.

The sales seem to fit with Ark Invest’s usual strategy of taking profits from assets that have performed well and moving money into new opportunities.

Furthermore, Coinbase’s stock has been rising in recent weeks. The rise followed progress in crypto regulations in the United States.

This includes the passage of the CLARITY Act and the GENIUS Act by the US Congress. President Donald Trump also signed the bills into law in the past week.

As reported by the media, Robinhood’s shares increased by over 16% in the last week.

This gain was partly due to interest in its tokenized equity products and new crypto services being offered in Europe.

Ark Invest Sells Part of Its Block Stake After S&P 500 Entry

Ark Invest has also reduced its position in Block, a payments company founded by Jack Dorsey. The firm sold 90,061 shares worth about $7 million.

Block recently joined the S&P 500 index. It became the second crypto-related company to be included, following Coinbase.

Even though these companies have shown strong developments, Ark Invest chose to shift some funds toward BitMine Immersion.

Market participants believe that Ark Invest purchased shares of BitMine Immersion to tag along with the general narrative that ETH is the chain for Wall Street.

This move indicates a change in the company’s approach to crypto investing. The firm seems to be placing greater focus on Ethereum in anticipation of its ATH breakout.

The trades also reflect how Ark Invest moves funds between assets based on market changes. This could point to growing institutional interest in Ethereum-focused companies.

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