Ark Invest, led by renowned investor Cathie Wood, sold millions of dollars in Coinbase and Block Inc. shares as part of a portfolio rebalancing toward crypto-related assets. Ark Invest Rebalances Crypto-Focused Portfolio: Coinbase and Block Shares Sell Off Big Ark Invest's flagship ARK Innovation ETF (ARKK) sold 27,614 Coinbase shares, while the ARK Next Generation Internet ETF (ARKW) sold 2,887 Coinbase shares, according to a trading report released by the firm on Thursday, July 11. The sales totaled $12.1 million. On the same day, the ARKK fund sold 123,169 shares of payments technology company Block Inc., for about $9.8 million. The ARKW fund also sold 11,262 shares on Robinhood Markets, for about $1.1 million. Ark Invest's sales are seen as part of its strategy to restructure its holdings in the cryptocurrency sector. In the same week, Ark invested approximately $175 million in Bitmine Technologies stock. Bitmine, which is rapidly increasing its Ethereum assets, announced last week that it has over $1 billion in ETH reserves. According to Yahoo Finance data: Coinbase (COIN) shares closed 0.28% lower at $396.70 on Thursday. Block Inc. (SQ) fell 0.09% to close at $79.77. Robinhood Markets (HOOD) shares closed down 0.15% at $101.93. These regular purchases and sales transactions by Ark Invest demonstrate the firm's ability to respond quickly to dynamics, especially in the crypto markets. Funds managed by Cathie Wood have long been noted for their technology and digital asset-themed investments. Investments in publicly traded crypto companies like Coinbase underscore Ark's belief in crypto adoption, while recent sell-offs are being interpreted as a strategic position adjustment. *This is not investment advice. Continue Reading: Investment Firm Ark Invest Rebuilds Crypto-Focused Portfolio! This Company Has Sold Its Stocks Largely! Here Are the Details
