Cathie Wood trims Bitmine and Robinhood while doubling down on Coinbase and Circle

Modest sells mask a much larger repositioning

@ARKInvest sold roughly $4.4 million worth of crypto-related equities on Wednesday, led by a $2 million cut to Ethereum treasury firm Bitmine ($BMNR). The firm's largest disposal was 120,665 shares of Bitmine valued at about $2 million, followed by 13,403 shares of Block worth roughly $1.1 million, 12,561 shares of Robinhood worth about $1.1 million, and 11,314 shares of Bullish valued at roughly $247,000. Bitmine closed down 5.6% on Wednesday, while the other three stocks also finished the session lower.

The Robinhood sale came after the online brokerage reported second-quarter earnings that exceeded Wall Street expectations, although revenue from its crypto business fell nearly 40% from a year earlier, reflecting softer digital asset trading activity.

The bigger picture: $43.5M into Coinbase and Circle

The sales look modest against what Ark has been buying. Over the prior three sessions, Ark purchased $43.5 million worth of crypto stocks, including 122,544 Coinbase shares valued at $18.6 million and 169,777 Circle shares worth $12.9 million. The purchases occurred as both companies saw their share prices decline alongside Bitcoin ($BTC).

The buying aligns with Cathie Wood's bullish stance on U.S. crypto regulation, with ARK extending its push into Coinbase, @Circle, and Bullish as Wood positions the firm for potential policy tailwinds. The CLARITY Act, currently before the Senate, would give @coinbase, Circle, and Bullish long-sought regulatory certainty by defining when tokens are commodities rather than securities and shifting much crypto oversight to the CFTC.

Circle stock ($CRCL) is down about 22% year-to-date and 76% below its post-IPO peak, pressured partly by competition from the new Open USD stablecoin. Circle President Heath Tarbert has said the firm is "playing the long game" against rivals, pointing to USDC's roughly $73 billion in circulating supply as a competitive advantage. ARK's trading pattern shows a clear tilt toward exchange and stablecoin infrastructure, even as more trading-driven names continue to wobble.

Sources:
Yahoo Finance: Cathie Wood's Ark Invest Sells Bitmine While Adding to Coinbase and Circle Holdings
The Block: Cathie Wood's Ark Invest sells Bitmine, Bullish, Block shares as crypto stocks dip
Decrypt: Cathie Wood's Ark Invest Sells Bitmine While Adding to Coinbase and Circle Holdings