Modest sells mask a much larger repositioning @ARKInvest sold roughly $4.4 million worth of crypto-related equities on Wednesday, led by a $2 million cut to Ethereum treasury firm Bitmine ($B
@ARKInvest sold roughly $4.4 million worth of crypto-related equities on Wednesday, led by a $2 million cut to Ethereum treasury firm Bitmine ($BMNR). The firm's largest disposal was 120,665 shares of Bitmine valued at about $2 million, followed by 13,403 shares of Block worth roughly $1.1 million, 12,561 shares of Robinhood worth about $1.1 million, and 11,314 shares of Bullish valued at roughly $247,000.Bitmine closed down 5.6% on Wednesday, while the other three stocks also finished the session lower.
The Robinhood sale came after the online brokerage reported second-quarter earnings that exceeded Wall Street expectations, although revenue from its crypto business fell nearly 40% from a year earlier, reflecting softer digital asset trading activity.
The sales look modest against what Ark has been buying. Over the prior three sessions, Ark purchased $43.5 million worth of crypto stocks, including 122,544 Coinbase shares valued at $18.6 million and 169,777 Circle shares worth $12.9 million.The purchases occurred as both companies saw their share prices decline alongside Bitcoin ($BTC).
The buying aligns with Cathie Wood's bullish stance on U.S. crypto regulation, with ARK extending its push into Coinbase, @Circle, and Bullish as Wood positions the firm for potential policy tailwinds.The CLARITY Act, currently before the Senate, would give @coinbase, Circle, and Bullish long-sought regulatory certainty by defining when tokens are commodities rather than securities and shifting much crypto oversight to the CFTC.
Circle stock ($CRCL) is down about 22% year-to-date and 76% below its post-IPO peak, pressured partly by competition from the new Open USD stablecoin.Circle President Heath Tarbert has said the firm is "playing the long game" against rivals, pointing to USDC's roughly $73 billion in circulating supply as a competitive advantage. ARK's trading pattern shows a clear tilt toward exchange and stablecoin infrastructure, even as more trading-driven names continue to wobble.
Sources:Yahoo Finance: Cathie Wood's Ark Invest Sells Bitmine While Adding to Coinbase and Circle HoldingsThe Block: Cathie Wood's Ark Invest sells Bitmine, Bullish, Block shares as crypto stocks dipDecrypt: Cathie Wood's Ark Invest Sells Bitmine While Adding to Coinbase and Circle Holdings
