Cathie Wood’s Ark Invest dumps $12M of Coinbase, scoops $47M of Tesla

Cathie Wood’s Ark Invest is once again reshuffling its innovation-heavy portfolio. The fresh trading disclosure shows that this time, it decided to offload Coinbase while reloading on Tesla and Bitmine. This suggests Wood might be cutting the exposure from crypto-related names and betting on electric vehicles, satellite tech, and treasury platforms to rise.

On Thursday, July 24, Ark Invest offloaded 30,501 shares of Coinbase (COIN) from its ARKK and ARKW funds. The sale of $12.1 million worth of COIN shares hints at a broader portfolio shuffle. This didn’t end here as the firm also sold 11,262 shares of Robinhood (HOOD) (worth $1.1 million) and 123,169 shares of Jack Dorsey’s Block Inc (worth $9.8 million).

As per Ark’s trading disclosure, the investment firm went on to sell 28,906 shares of its own Bitcoin ETF ARKB. The BTC ETF holds $5.87 billion worth of Bitcoin. This comes as BTC price is in a correction zone after hitting a new all-time high above $123,000. 

Bitcoin price dropped around 3% over the last 7 days as it tried to reclaim the $120,000 mark, with multiple failed attempts. BTC is trading at an average price of $115,850 at press time.

Over the past week, the firm has been actively reducing its COIN holdings. It reduced COIN holdings from ARKK and ARKW ETFs. On the market side, COIN looks like on a losing run as its price has dropped by more than 5% in the last 5 trading days. It closed trading at $396.7 on Thursday. The pre-market trading shows that COIN might be losing another 2%, dragging its price to $388 area.

Ark Invest goes big on Tesla

Ark has now poured $116 million into Bitmine Immersion Technologies (BMNR). The Peter Thiel-backed Ether (ETH) treasury firm has recorded some massive rallies. BMNR price rose by 855% over the last month to trade at $41.75. After-hours trading shows that the stock might gain another 4% when trading resumes.

The investment firm went long on Tesla, scooping 143,190 shares across ARKK, ARKQ, and ARKW. This accumulation came to around $47.6 million. Tesla remains a flagship holding for Wood, and this move reaffirms Ark’s long-term bullish stance on Elon Musk. Cathie Wood has definitely bought the dip as TSLA price dropped by over 8% to drag it to the $305 area.

The buying spree didn’t stop here as Ark Invest added 471,024 shares of Iridium Communications (IRDM) (worth $15.3 million). Ark spread this purchase across ARKK, ARKQ, and ARKX. Iridium is a satellite tech player gaining traction among funds betting on space-based connectivity. Meanwhile, the investment firm exited positions in Roblox (RBLX), selling 93,460 shares worth $11.1 million.