July 22, 2025 — Cathie Wood’s ARK Invest has rebalanced its ETF portfolios, reducing exposure to Coinbase and Roblox while acquiring a 1.5% stake in Tom Lee’s Ethereum-focused firm, Bitmine Immersion Technologies, across three of its funds.
Key Takeaways
- ARK Invest sold $90.5M worth of Coinbase and $57.7M of Roblox shares.
- 4.4 million shares of Bitmine Immersion Technologies were purchased for $174M.
- Bitmine pivoted from Bitcoin to Ethereum in June and surged over 3,000% by July 3.
ARK Invest Reshuffles Holdings
ARK Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF) ETFs have undergone significant changes. The firm sold:
- 218,986 Coinbase (COIN) shares valued at $90.5 million.
- 463,293 Roblox (RBLX) shares worth $57.7 million.
These proceeds were reallocated into Bitmine Immersion Technologies, an Ethereum treasury firm chaired by Fundstrat’s Tom Lee. The newly acquired 4.4 million shares now represent 1.5% of each fund’s portfolio.
Bitmine’s Ethereum Pivot Gains Attention
Bitmine has attracted significant institutional interest since its shift to Ethereum. Following the announcement, the company’s stock skyrocketed, hitting $135 before stabilizing near $39.57 — still up over 400% year-to-date.
Billionaire investor Peter Thiel also took notice, acquiring a 9.1% stake in the company last week.
ARK Maintains Focus on Disruptive Innovation
Despite trimming Coinbase and Roblox, ARK Innovation ETF still holds 9.7% in Tesla and 5% in Circle. The ARKW fund continues to emphasize Robinhood, Tesla, and Coinbase, while the ARKF fund retains a fintech orientation with exposure to Shopify, PayPal, and eToro.
Bitmine joins the portfolio as ARK’s latest Ethereum-linked bet, reinforcing Wood’s continued focus on next-gen financial technologies.
What Has Happened So Far
- Late June 2025: Bitmine announced a strategic pivot from Bitcoin to Ethereum.
- July 3, 2025: Bitmine shares hit an all-time high of $135, up over 3,000%.
- July 16, 2025: ARK sold 225,742 shares of the ARK 21Shares Bitcoin ETF.
- July 17, 2025: ARK reported $174M worth of Bitmine share purchases across three ETFs.
