tl;dr
ARK Investment Management sold 218,986 shares of Coinbase worth about $90.6 million across its ETFs, continuing weekly sales in July but remains a top 10 holder. Coinbase recently hit an all-time high, with Cantor Fitzgerald raising its 2026 price target to $500 due to strong earnings prospects and ...
ARK Investment Management announced on Monday that it has sold 218,986 shares of Coinbase (COIN), valued at approximately $90.6 million. This reduction continues a series of COIN sales this month, indicating significant portfolio adjustments. Cathie Wood’s firm disclosed the sales on July 21 across its ETFs: the Ark Innovation ETF (ARKK) sold 174,746 shares, the Ark Next Generation Internet ETF (ARKW) offloaded 27,663 shares, and the Ark Fintech Innovation ETF (ARKF) divested 16,577 shares. Throughout July, ARK sold COIN shares weekly, yet remains one of the top 10 holders of Coinbase.
This latest sell-off follows Coinbase hitting an all-time high on July 18, allowing IPO holders to return to profitability. Despite a modest decline of 1.47% closing at $413.63 recently, COIN experienced a small 0.3% rise in pre-market trading. Cantor Fitzgerald has raised the 2026 price target for COIN from $292 to $500, citing increased earnings estimates driven by transaction, stablecoin, and blockchain rewards revenues, plus Coinbase’s evolution towards essential crypto infrastructure and its upcoming crypto “superapp” for payments, social, and trading.
Alongside Coinbase, ARK also trimmed stakes in Robinhood (HOOD), selling 109,824 shares worth $11.46 million, and Block Inc. (XYZ), with 90,061 shares sold valued at about $7 million. These moves suggest a strategic reallocation, although ARK has not provided specifics.
Simultaneously, ARK made a major new investment by acquiring 4.4 million shares of Bitmine Immersion Technologies, an Ethereum treasury company, valued at around $175 million. These shares were bought across ARKK, ARKW, and ARKF ETFs. Bitmine recently launched its Ethereum treasury strategy and appointed Fundstrat’s Tom Lee as Chairman. Notably, Peter Thiel’s Founders Fund has also taken a 9% stake in Bitmine, signaling strong institutional interest in ETH-focused blockchain innovation.
This investment fits ARK’s focus on pioneering blockchain technologies and growing institutional adoption of cryptocurrencies. Beyond crypto, ARK diversified further with smaller purchases in companies like Advanced Micro Devices Inc. (AMD), DoorDash Inc. (DASH), and Deere & Co. (DE), demonstrating a broad approach toward capturing growth across various sectors.