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Ark Invest trims Bitmine, Robinhood, Block and Bullish positions

On Wednesday, Bitmine shares fell 5.6%, while Ark continued adding to Coinbase and Circle, according to its daily trading disclosures.

Reported · Written up by our desk · Market Structure

Ark Invest sold about $4.4 million worth of crypto-related equities on Wednesday, including Bitmine Immersion Technologies, Robinhood, Block and Bullish, during a pullback in the sector, Decrypt reported.

In its daily trading disclosure, the firm’s largest sale was 120,665 shares of Bitmine worth about $2.0 million, followed by 13,403 shares of Block valued at about $1.1 million, 12,561 shares of Robinhood worth about $1.1 million, and 11,314 shares of Bullish valued at roughly $247,000.

Ark also bought about $43.5 million of Coinbase and Circle stock, including roughly $18.6 million of Coinbase and about $12.9 million of Circle, as digital asset prices and crypto equities weakened.

The outlet noted Robinhood said this week that revenue from its crypto business fell nearly 40% year over year as trading activity slowed, and it reported that Bitmine closed down 5.6% on Wednesday along with the other sold names finishing lower.

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