Cathie Wood’s Ark Invest has trimmed its exposure to key crypto-linked stocks despite a strong rally in the sector. On Thursday, Ark sold $6.5 million worth of Coinbase shares and $5.8 million of Robinhood, even as both stocks surged alongside Bitcoin’s breakout to new all-time highs.
According to filings from the Ark Innovation ETF (ARKK), the fund sold:
- 16,627 shares of Coinbase (COIN)
- 58,504 shares of Robinhood (HOOD)
- And approximately $1.7 million in Block Inc. (SQ)
Despite the sell-off, both Coinbase and Robinhood posted strong gains:
- Coinbase rose 4% to close at $388.96
- Robinhood climbed 4.4% to $98.70
The moves coincided with Bitcoin reaching an all-time high above $118,000, with Ethereum following suit, jumping 8.5% to $3,011.
Robinhood’s Tokenization Push Faces Regulatory Hurdles
Robinhood is currently in talks with European regulators regarding its initiative to offer blockchain-based stock tokens. However, it’s facing increased scrutiny in the U.S., where the Florida Attorney General has launched an investigation into its crypto division over allegedly misleading marketing claims that it is the “cheapest way to buy crypto.”
Ark Invest Also Reduces Stake in Circle After IPO
In addition to trimming positions in Coinbase and Robinhood, Ark Invest has also cut its exposure to Circle, the issuer of stablecoin USDC — just 11 days after the company’s IPO on the New York Stock Exchange.
According to trade disclosures:
- Ark sold 342,658 shares of Circle (CRCL) on June 16
- Followed by another $44.7 million in sales on June 17
Other major investors like BlackRock, rumored to be eyeing a 10% stake in Circle, have not reported any sales. Meanwhile, Circle executives including CEO Jeremy Allaire have filed to sell 8–11% of their personal holdings, as noted in the IPO prospectus.
Bitcoin and Ethereum ETFs See Record-Breaking Inflows
The crypto ETF space is booming. On July 10, spot Bitcoin ETFs saw $1.18 billion in net inflows, their second-largest single-day tally to date. This pushed Bitcoin to $116,664, before briefly breaking $118,450.
Among the top performers:
- BlackRock’s IBIT led with $448.49 million
- Fidelity’s FBTC followed with $324.34 million
Ethereum ETFs also saw their second-highest daily inflow at $383 million, bringing total net inflows to $5.10 billion since launch.
Crypto analyst Rachael Lucas described the trend as a “defining moment” in institutional crypto adoption, emphasizing that the surge is being led by asset managers, corporate treasuries, and wealth platforms — not retail speculation.
