Ark Invest Sells Bitmine, Robinhood Amid Crypto Equity Pullback
In brief
- Ark Invest sold $4.4 million in crypto equities Wednesday, with Bitmine trimmed at $2 million
- Robinhood crypto revenue fell 40% year-over-year despite beating Q2 earnings
- Ark added $43.5 million to Coinbase and Circle holdings over three days
Selling into the Pullback
Ark Invest sold about $4.4 million worth of crypto-related stocks on Wednesday, according to the firm's daily trading disclosure. The firm's largest sale was 120,665 shares of Bitmine, valued at about $2 million. Ark also sold 13,403 shares of Block worth about $1.1 million, along with 12,561 shares of Robinhood worth about $1.1 million and 11,314 shares of Bullish valued at roughly $247,000.
The selling came as crypto equities have weakened alongside digital asset prices. Bitmine closed down 5.6% on Wednesday.
Robinhood's position proved particularly vulnerable. While the brokerage reported second-quarter earnings this week that topped Wall Street expectations, its crypto segment showed strain. Revenue from its crypto business fell nearly 40% from a year earlier as trading activity slowed.
Doubling Down on Coinbase and Circle
Despite the Wednesday pullback, Ark continued its accumulation strategy elsewhere. Over the previous three trading days, Ark bought roughly $43.5 million worth of Coinbase and Circle shares, including about $18.6 million of Coinbase stock and $12.9 million of Circle.
The pattern reflects a selective approach to crypto equities. Ark's willingness to trim underperformers while adding to blue-chip exchange and payment infrastructure plays suggests Wood's team remains confident in established platforms even as short-term volatility tests the sector.
