Cathie Wood Makes Bet on Ethereum with Massive Coinbase Sale

Cathie Wood is making a big bet on Ethereum over crypto exchanges. Her ARK Invest sold $148 million worth of Coinbase and Roblox shares on Monday to buy 4.4 million shares of Bitmine Immersion Technologies. The sales happened across three ARK funds: Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF).

ARKK sold 174,746 Coinbase shares, while ARKW disposed of 27,663 shares and ARKF sold 16,577 shares. The funds also sold 463,293 Roblox shares in total across the three portfolios.

The Coinbase sale came after the exchange’s stock hit $437 on Friday following House passage of crypto legislation. The bill creates federal rules for digital assets and stablecoins. Coinbase closed Monday at $413.63, down 1.5% from the previous session.

Bitmine Immersion Technologies changed its business model in late June to focus on building an Ethereum treasury. The company’s stock peaked at $135 on July 3 before dropping to around $39.57. Bitmine now holds over $1 billion in ETH, equivalent to more than 300,000 coins. The firm plans to acquire and stake 5% of all existing Ethereum.

ARKW also reduced its Robinhood position by 109,824 shares worth approximately $11.5 million. ARKF trimmed 90,061 shares of Block Inc. The proceeds from these sales went toward Bitmine and other technology companies including AMD, DoorDash, and Airbnb.

ARK Invest maintains a 10% maximum limit for any single stock holding within its funds. The firm regularly sells positions to stay within these limits and maintain portfolio balance across different investments.