ARK Invest sold 218,986 Coinbase shares, worth about $90.6 million, on July 21, according to a post on X. The sale came just three days after COIN stock reached an all-time high on July 18.
The Coinbase shares were offloaded through three ARK ETFs. The ARK Innovation ETF (ARKK) sold 174,746 shares, ARK Next Generation Internet ETF (ARKW) sold 27,663, and ARK Fintech Innovation ETF (ARKF) cut 16,577 shares.
Despite the sales, ARK Invest still ranks among the top 10 holders of Coinbase, based on Yahoo Finance data.
Weekly Coinbase Share Sales Show Portfolio Rebalancing
ARK Invest has sold Coinbase shares every week in July. On July 1 and 2, ARKW sold 9,116 and 3,067 shares, respectively. On July 10 and 11, ARK cut another 22,223 COIN shares.
Last week, it sold an additional 43,762 shares, continuing the pattern of reducing COIN stock exposure. The closing price on July 21 was $413.63, down 1.47%, based on Google Financedata. In pre-market trading, the stock rose 0.3%.
While ARK Invest reduced its Coinbase shares, Cantor Fitzgerald raised its price target for COIN stock to $500, up from $292. The financial firm also increased its 2026 earnings per share estimate to $10.76, from $8.36.
The revised forecast was based on higher expected revenue from stablecoins, transactions, and blockchain rewards.
Cantor applied a 46.5× price-to-earnings multiple, up from 35×, citing Coinbase’s transition to a broader infrastructure platform.
ARK Invest Also Sells Robinhood and Block Shares
Along with reducing Coinbase shares, ARK Invest sold 109,824 shares of Robinhood (HOOD), worth about $11.46 million. It also offloaded 90,061 shares of Block Inc. (XYZ), valued at nearly $7 million.
These changes were spread across the same ARK ETFs, suggesting a coordinated reallocation. No official statement explained the reasoning behind these moves.
While reducing its Coinbase shares, ARK Invest bought 4.4 million shares of Bitmine Immersion Technologies. The investment totaled approximately $175 million.
ARKK acquired 2,937,432 Bitmine shares, ARKW took 927,898, and ARKF added 555,704 shares.
Bitmine stock drew attention after the company launched an Ethereum treasury strategy. It also appointed Tom Lee, the Fundstrat founder, as its Board Chairman.
Peter Thiel Fund Buys 9.1% of Bitmine Immersion
Peter Thiel’s Founders Fund purchased a 9.1% stake in Bitmine, based on recent filings. This came after the firm shifted to ETH-focused operations.
A post on X described Thiel’s investment in Bitmine stock as part of his broader crypto exposure. He previously backed Bitcoin, Facebook, and Palantir early in their growth.
Bitmine Immersion now positions itself as a treasury vehicle for Ethereum. The company aims to attract institutional capital while maintaining ETH reserves.
Alongside larger moves in Coinbase shares and Bitmine stock, ARK Invest added smaller positions in companies like Advanced Micro Devices (AMD), DoorDash (DASH), and Deere & Co. (DE).
These purchases were not disclosed in detail but suggest ARK is diversifying across other growth sectors beyond crypto and blockchain.
