Ark Invest Buys $43.5M in Coinbase, Circle Stock While Dumping Bitmine, Bullish

Cathie Wood’s Ark Invest spent roughly $43.5 million buying Coinbase and Circle shares on Wednesday even as it sold down positions in Bitmine, Robinhood, Bullish and Block, according to disclosures reviewed by two independent outlets. The trades landed during a broad pullback across crypto-linked equities, with Bitcoin trading near $64,490 and Ether near $1,908 at the time.

The moves mark a clear rotation rather than a retreat from the sector: Ark cut exposure to bitcoin-treasury and exchange-adjacent names while concentrating fresh capital in Coinbase (COIN) and Circle (CRCL), two companies whose revenue is tied more directly to trading volumes and stablecoin float than to balance-sheet bitcoin holdings.

What Ark bought and what it sold

On the buy side, Ark’s roughly $43.5 million allocation went into Coinbase and Circle shares, extending a position the fund has been building in recent sessions. On the sell side, the firm trimmed Bitmine (BMNR), Robinhood (HOOD), Bullish and Block, all names that had rallied hard alongside crypto prices earlier in the year.

Bitmine, one of the largest corporate holders of Ether among treasury companies, has been a favorite of crypto-adjacent equity funds this year. Its inclusion among Wednesday’s sales suggests Ark is reducing exposure to firms whose valuations swing closely with the underlying token price, in favor of platforms generating fee-based revenue.

Why the rotation matters

Institutional flows like Ark’s are watched closely because they can signal how professional money is repositioning after a sharp move in the underlying assets. A shift toward Coinbase and Circle — an exchange and a stablecoin issuer, respectively — over bitcoin-treasury vehicles like Bitmine points to a preference for businesses with more diversified, transaction-driven cash flows during periods of price weakness.

For retail holders of crypto-equity ETFs, the takeaway isn’t that Ark is bearish on crypto broadly, but that it is differentiating between companies that amplify token-price volatility on their balance sheets and companies that can monetize activity regardless of which direction prices move. Coinbase earns from trading fees and custody, while Circle’s USDC issuance benefits from stablecoin float even in a falling market.

The trades come at a moment when several crypto-linked stocks have pulled back in tandem with softer token prices, a dynamic that has repeatedly pressured treasury-heavy names harder than exchanges and payment infrastructure firms. Whether Ark continues to add to Coinbase and Circle in coming sessions, or resumes buying names like Bitmine on weakness, will offer further signal on how the fund is reading the current market phase.

Read more: Coinbase Q2 Revenue Falls $60M Short at $1.22B, Strategy Also Trails Estimates

Sources

• decrypt.co
• cryptonews.com