Ark Invest Cuts Coinbase Holdings, Channels $175 Million Into Bitmine

ARK Investment Management announced on Monday that it has sold 218,986 shares of Coinbase (COIN), valued at approximately $90.6 million. The firm also disclosed an approximately $175 million investment in shares of Ethereum (ETH) treasury company Bitmine Immersion (BMNR).

This latest reduction marks the continuation of a series of COIN sales this month, highlighting significant portfolio adjustments.

ARK Invest Offloads Coinbase Shares

Cathie Wood’s investment firm announced the reduction on July 21 via a post on X (formerly Twitter). The sales were distributed across Ark’s exchange-traded funds (ETFs). 

The Ark Innovation ETF (ARKK) offloaded 174,746 Coinbase shares, the Ark Next Generation Internet ETF (ARKW) sold 27,663 shares, and the Ark Fintech Innovation ETF (ARKF) divested 16,577 shares. 

This month, the firm has sold COIN shares every week. On July 1 and 2, ARKW sold 9,116 and 3,067 COIN, respectively. In the second week of July, Ark offloaded a total of 22,223 Coinbase shares, with sales made on July 10 and 11.

Similarly, last week the investment company trimmed its COIN exposure by another 43,762 shares. Despite the sell-off, Ark Invest remains one of the top 10 holders of COIN, according to Yahoo Finance data.

The latest reduction comes shortly after COIN hit an all-time high (ATH) on July 18. The milestone also allowed Coinbase’s initial public offering (IPO) holders to return to profitability.

Meanwhile, amid these sales, COIN took a modest fall. According to Google Finance data, the shares closed at $413.63 yesterday, down 1.47%. However, the price saw a small increase of 0.3% in pre-market trading.

Moreover, future predictions highlight the potential for growth. Cantor Fitzgerald, a major financial services firm, recently raised its price target for COIN to $500, up from $292.

“The firm is raising 2026 EPS estimates to $10.76 (from $8.36) due to higher transaction, stablecoin, and blockchain rewards revenue. They now apply a 46.5x PE multiple (up from 35x) reflecting Coinbase’s shift from a cyclical trading platform to critical crypto infrastructure, driven by its stablecoin initiatives and Base layer-2 network. Coinbase’s launch of a crypto “superapp” for payments, social, and trading could further boost growth. Cantor sees more upside ahead and reiterates its Overweight rating,” Walter Bloomberg posted.

In parallel, Ark Invest also reduced its positions in other stocks. It sold 109,824 shares of Robinhood (HOOD) worth $11.46 million and 90,061 shares of Block Inc. (XYZ) valued at around $7 million. These moves suggest a strategic reallocation, though the firm did not disclose specific motivations.

Cathie Wood-Led Ark Buys 4.4 Million Bitmine Shares

Concurrently, Ark Invest made a substantial new investment, acquiring 4.4 million shares of Bitmine Immersion Technologies valued at around $175 million. The purchases were spread across ARKK (2,937,432 shares), ARKW (927,898 shares), and ARKF (555,704 shares),

Bitmine launched an Ethereum treasury strategy a few weeks ago and appointed Fundstrat founder Tom Lee as the Chairman of the Board of Directors. Moreover, BeInCrypto reported that Peter Thiel-linked Founders Fund also acquired a 9% stake in the firm.

“Peter Thiel ~ the man who co-founded PayPal and bet early on Facebook, Palantir, and Bitcoin just made another move. He has taken a 9.1% stake in Bitmine, a treasury vehicle tied to ETH abd Tom Lee…He saw Bitcoin before Wall Street blinked. Now he is going heavy on ETH. He is loading ETH while everyone’s distracted,” an analyst posted.

This acquisition aligns with Ark’s focus on innovative blockchain technologies and institutional adoption of cryptocurrencies. The firm also diversified its holdings with smaller purchases, including shares of Advanced Micro Devices Inc. (AMD), DoorDash Inc. (DASH), Deere & Co. (DE), etc, indicating a broad approach to growth sectors.