ARK Invest cut four crypto-related stocks on July 29, selling more than 460,000 shares combined in Bullish, Bitmine, Robinhood, and Block. The sales were recorded in ARKK and ARKF, while ARKW made no changes to any of the four positions that day.
More than 460,000 shares were sold across four names
Based on ARK’s daily holdings data, the firm sold 176,888 shares of Bullish (BLSH), 117,247 shares of Bitmine (BMNR), 103,110 shares of Robinhood (HOOD), and 69,482 shares of Block (XYZ) on July 29.
Fund-level details show two different patterns:
- Bullish: ARKK sold 166,328 shares, down 3.83%, and ARKF sold 10,560 shares, for a combined 176,888 shares
- Bitmine: ARKK sold 106,847 shares, down 1.91%, and ARKF sold 10,400 shares, for a combined 117,247 shares
- Robinhood: ARKK sold 96,970 shares, down 3.99%, and ARKF sold 6,140 shares, for a combined 103,110 shares
- Block: ARKK sold 61,377 shares, down 4.02%, and ARKF sold 8,105 shares, for a combined 69,482 shares
Using July 29 closing prices, ARK still held about $336 million in Robinhood, $229 million in Block, $136 million in Bitmine, and $135 million in Bullish after the reductions. In size terms, the trades amount to position trimming rather than exits.
ARKF’s sales looked like a proportional fund reduction
ARKF was not making the same type of move as ARKK. On that day, ARKF cut nearly all of its holdings by around 1.37% to 1.38%, and the four crypto-linked stocks were reduced by almost the same amount.
That pattern points to a broad proportional reduction across the fund, not a specific negative call on crypto equities. The data says ARKF made no purchases that day. The only notable exception was Roku, which was cut by 33.62%.
That leaves the 35,205 crypto-related shares sold by ARKF looking more like a fund-structure-driven adjustment than a judgment on those four companies alone.
ARKK actively rotated while buying other sectors
ARKK tells a different story. Its reductions in the four stocks came in at 3.83%, 1.91%, 3.99%, and 4.02%, respectively. The uneven percentages suggest stock-by-stock decision-making.
ARKK also bought on the same day. It added 18,168 shares of SpaceX and 30,977 shares of Nvidia. The fund also bought defense contractor Kratos Defense and nuclear engineering company BWX Technologies. Across all ARK funds combined, SpaceX holdings increased by 52,503 shares, Nvidia by 66,690 shares, and Intuitive Machines by 983,027 shares, lifting that position by 38.32%.
The direction of the rotation was clear in the filing: ARK was trimming crypto-linked equities while adding exposure to space, defense, and computing power.
Bitmine saw the lightest cut
Among the four names, Bitmine had the smallest reduction at 1.91%, roughly half the size of the cuts in the other three stocks. The report said the Ethereum treasury company led by Tom Lee had just bought about 10,000 ETH on each of the previous two days, bringing its holdings to 5.79 million ETH. ARK cut that position the least.
The sales came during a weaker market session
The timing also mattered. July 29 was the day before the Federal Reserve’s rate decision. U.S. stocks were under pressure, the Dow Jones Industrial Average closed down 2.19%, and crypto-related shares broadly weakened. ARK’s holdings reports are marked to the closing price, so these sales took place during a down session.
The move stands alongside ARK’s recent crypto industry view
ARK researcher Lorenzo Valente recently said the crypto industry is entering the largest consolidation phase in its history and that a wave of exchange closures is only beginning. Two of the names cut this time, Robinhood and Bullish, are tied to exchange or brokerage businesses.
Bullish stands out in that context. In May, Cathie Wood bought about $4.4 million worth of Bullish over two days after the Peter Thiel-backed exchange reported a $600 million first-quarter loss. A little more than two months later, Bullish became the largest position cut by share count in this round of selling.
Does the sale amount to a bearish call on crypto stocks
Only in part. ARKF reduced nearly all holdings by about 1.38%, which fits a proportional sale linked to fund outflows. ARKK, on the other hand, cut the four crypto-related stocks by different amounts while adding SpaceX and Nvidia on the same day. That is the part of the activity that reflects active portfolio choice.