Key facts
- Ark Invest sold approximately $4.4 million in shares of Bitmine, Robinhood, Block, and Bullish.
- The firm's largest sale was Bitmine shares, valued at about $2 million.
- Ark Invest also purchased about $14.5 million worth of SpaceX shares.
- The firm recently bought roughly $43.5 million of Coinbase and Circle shares.
- Robinhood's crypto business revenue fell nearly 40% year-over-year in the second quarter.
Cathie Wood's Ark Invest divested approximately $4.4 million in shares of several crypto-related companies on Wednesday, including Bitmine Immersion Technologies, Robinhood, Block, and Bullish. The sales occurred after the share prices of these companies experienced declines. The firm's largest single sale involved 120,665 shares of Bitmine, valued at around $2 million. Additionally, Ark sold shares in Block, Robinhood, and Bullish, with all four stocks finishing the trading session lower.
In parallel, Ark Invest also disclosed purchases of SpaceX shares, amounting to about $14.5 million across its exchange-traded funds. These transactions follow a period of significant investment in crypto-related equities, with Ark acquiring roughly $43.5 million in Coinbase and Circle stock over the preceding three trading days. This included approximately $18.6 million in Coinbase and $12.9 million in Circle.
The recent trading activity by Ark Invest coincides with a broader downturn in crypto equities, mirroring the decline in digital asset prices. Robinhood, despite reporting second-quarter earnings that surpassed Wall Street expectations, noted a nearly 40% year-over-year decrease in revenue from its cryptocurrency business due to slowed trading activity.