Ark Invest Trims Bitmine Stake Amid Crypto Rebalancing Effort

Cathie Wood's Ark Invest trimmed its stake in Bitmine Immersion Technologies Inc (NYSE:BMNR), the world's largest corporate Ethereum treasury, on Wednesday. The firm sold 120,665 shares as part of a broader rebalancing effort. This move stands out because Ark has been a strong supporter of Bitmine's Ethereum treasury strategy.

Ark Invest also reduced positions in other crypto-linked names, including Bullish (NYSE:BLSH), Block Inc (NYSE:XYZ), and Robinhood Markets Inc (NASDAQ:HOOD). However, the firm added to non-crypto holdings like Space Exploration Technologies Corp (NASDAQ:SPCX) and Tesla Inc (NASDAQ:TSLA).

Despite the selling, market sentiment remained resilient. BMNR surged almost 10% on Thursday, while retail sentiment stayed bullish. Ethereum prices were little changed over the past 24 hours.