ARK Invest Shifts Crypto Holdings Amid Price Volatility

ARK Invest, led by Cathie Wood, has rebalanced its crypto-related stocks. The firm cut the weighting of Bitmine and sold shares worth $4.4 million on July 29. The biggest sale was 120,665 shares of Bitmine Immersion Technologies, worth about $2 million.

The sales coincided with a recent buying streak by ARK Invest. Over the prior three trading sessions, it bought about $43.5 million worth of Coinbase and Circle shares. Of that, Coinbase purchases totalled about $18.6 million and Circle about $12.9 million.

ARK Invest also acquired about $14.5 million worth of SpaceX shares through several exchange-traded funds on July 29. The portfolio changes were not limited to crypto-related stocks.