Ark Invest Sells 12M in Coinbase Shares as It Shifts Focus to Ethereum Firm Bitmine

In a move that has shocked the crypto industry, Cathie Wood of Ark Invest has sold about $12 million worth of Coinbase (COIN) shares. This signals a shift in the digital asset investment strategy and how investors will shift their focus in the crypto industry. In fact, the sale follows a broader trend of profit-taking by the firm as COIN shares trade near all-time highs.

Ark Invest Sells 12 Million Coinbase Shares

On Thursday, Ark Invest offloaded 30,501 COIN shares from two of its exchange-traded funds (ETFs). In addition, the investment firm reduced its exposure to several other high-profile fintech and crypto-linked stocks. These included 11,262 shares of Robinhood (HOOD), worth around $1.1 million, and 123,169 shares of Block Inc. (formerly Square), valued at approximately $10 million. Ark also divested 28,906 shares of its own Bitcoin ETF (ARKB), equating to $1.1 million.

This divestment comes on the heels of Ark’s major investment in Bitmine Immersion Technologies (BMNR), a Peter Thiel-backed firm that specializes in Ethereum (ETH) treasury infrastructure. Last week, Ark invested $116 million into Bitmine, marking a significant pivot from Bitcoin-centric assets like Coinbase to Ethereum-linked ventures.

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The firm’s recent sell-offs of Coinbase stock are part of a broader strategy Ark often employs when any single holding nears or exceeds 10% of an ETF’s total portfolio. With Bitcoin rallying to fresh highs, topping $122,000 on Friday, COIN shares surged to an intraday peak above $395. That surge triggered further selling from Ark, including 5,596 COIN shares worth $2.17 million from its Next Generation Internet ETF (ARKW), and 16,627 shares worth $6.47 million from its flagship Innovation ETF (ARKK).

Despite the continued sell-off, COIN remains in demand, trading at $393.50 in pre-market on Friday, up 1.66% from the previous close. Bitcoin’s sustained upward momentum has kept investor sentiment strong, but Ark appears to be rebalancing to stay within internal risk thresholds while positioning for longer-term ETH-focused growth. Cathie Wood’s strategic diversification highlights her confidence in Ethereum’s future role in the crypto ecosystem. With Ethereum treasury firms like Bitmine gaining traction, Ark’s latest move suggests a bullish long-term outlook on ETH's utility in corporate finance and decentralized infrastructure.