Ark Invest Sheds Crypto Stocks Amid Price Slump

Cathie Wood's Ark Invest has made significant changes to its holdings in the past few trading days. On Wednesday, the firm sold approximately $4.4 million worth of shares in Bitmine, Robinhood, Block, and Bullish after their prices fell.

The largest sale was 120,665 shares of Bitmine Immersion Technologies, valued at about $2 million. Ark also trimmed its positions in Block, Robinhood, and Bullish by selling 13,403 shares of Block worth about $1.1 million, 12,561 shares of Robinhood worth about $1.1 million, and 11,314 shares of Bullish valued at roughly $247,000.

The sales come on the heels of recent purchases of crypto-related stocks. Over the previous three trading days, Ark bought around $43.5 million worth of Coinbase and Circle Holdings shares, including about $18.6 million of Coinbase stock and $12.9 million of Circle.