Ark Invest Trims Crypto Holdings Amid 'Exponential Opportunity'
Cathie Wood's Ark Invest reduced its exposure to several crypto-linked stocks on Wednesday, including Bitmine Immersion Technologies (BMNR), despite calling its Ethereum accumulation strategy an 'exponential opportunity' in a recent outlook. The flagship ARK Innovation ETF (ARKK) sold 120,665 shares of BMNR, making it the largest sale of the day.
The sales also included 11,314 shares of Bullish (BLSH), which went public last year, and 13,403 shares of Block (XYZ). Ark also reduced its position in Robinhood Markets (HOOD) by selling 12,561 shares. HOOD reported second-quarter earnings on Wednesday that beat market expectations, but revenue from the crypto segment fell nearly 40%.
On the buy side, Ark added to positions in several non-crypto stocks, including SpaceX (SPCX), Taiwan Semiconductor (TSM), Kratos Defense and Security Solutions (KTOS), BWX Technologies (BWXT), X-Energy (XE), and Tesla (TSLA). This move is a break from Ark's pattern of buying into crypto-linked weakness rather than selling it.