- ARK Invest sold $12M in Coinbase shares and increased its stake in ETH treasury firm Bitmine.
- Bitmine has now become the leading corporate holder of Ethereum in treasury reserves.
- The move suggests ETH may challenge Bitcoin as the preferred institutional reserve asset.
Cathie Wood’s ARK Invest has made another decisive move in reshaping its crypto exposure. On Thursday, the investment firm sold $12 million worth of Coinbase shares. This marks another round of unloading of its holdings in the popular U.S. crypto exchange. According to ARK’s daily trading update, the firm sold 30,501 shares of Coinbase across two funds. It also trimmed its Robinhood stake by 11,262 shares, worth $1.1 million. Additionally, ARK shed 123,169 shares of Block Inc. and 28,906 shares of its own ARK Bitcoin ETF.
But the biggest shift is in where that capital is heading. In recent weeks, ARK has invested heavily in Bitmine Immersion Technologies. The firm, now focused on Ethereum treasury strategies, has attracted $116 million from ARK so far. The move signals growing institutional interest in Ether as a long-term investment.
Bitmine Becomes Largest ETH Holder
Bitmine has quickly become one of the most talked-about firms in crypto finance. Within just 16 days, Bitmine has amassed the largest known Ether treasury. It has reportedly overtaken all corporate and ETF holdings to become Ethereum’s biggest centralized holder. The firm pivoted from Bitcoin to Ethereum in late June. Since then, Bitmine’s stock price has surged by over 3,000%, peaking at $135 on July 3. Although it has now cooled to $39.57, it remains up more than 400% since January.
Led by Fundstrat’s Tom Lee, Bitmine’s focus is on using Ether as a treasury reserve asset. The strategy mirrors how many firms have used Bitcoin since 2020. However, Bitmine’s approach also incorporates Ethereum staking and on-chain treasury management. Venture capitalist Peter Thiel has backed the company, acquiring a 9.1% stake. This added to the growing credibility of Bitmine’s Ether-focused pivot. ARK’s decision to back Bitmine strongly suggests a shift from crypto trading platforms toward direct digital asset exposure.
Related: ARK Invest Bets on Ethereum, Acquires Bitmine in $174M Shift
A Strategic Portfolio Shift
Earlier this week, ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF sold over $90 million in Coinbase shares. The funds also dumped more than $57 million in Roblox stock. Instead, ARK bought 4.4 million Bitmine shares worth about $174 million. These shares now account for 1.5% of each ETF’s portfolio. That is a significant allocation for a company that pivoted only weeks ago. The move shows ARK’s confidence in Ethereum as a long-term institutional asset. Cathie Wood’s funds still hold major stakes in Tesla, Coinbase, and Roblox. However, Bitmine now joins the top-tier holdings alongside tech and fintech giants.
The shift is also characteristic of a broader trend. Ethereum is emerging as an asset in the corporate treasury, just like it has with Bitcoin in the past years. With staking returns, smart contract utility, and network upgrades, Ether is now being viewed as a capital reserve.
ARK Invest’s portfolio changes suggest a wider strategy to diversify crypto exposure. It is pivoting from relying on platforms like Coinbase to backing native asset plays. Bitmine’s ETH holdings could eventually redefine how institutional portfolios interact with crypto.
If the trend continues, Ethereum may soon be competing with Bitcoin in the balance sheets of corporations. The shift of capital in the exchange shares to the on-chain treasuries may mark a new era in the adoption of digital assets.
