Cathie Wood's Ark Trims BMNR Stock Exposure Despite Calling Its Ethereum Strategy ‘Exponential’ – Sells BLSH, HOOD, XYZ Shares Too

• The fund also reduced positions in Bullish, Block, and Robinhood.
• The sales came despite Ark recently calling Bitmine's Ethereum treasury strategy an "exponential opportunity,” in its outlook for 2026.
• Ark added to positions in TSM, TSLA, KTOS, SPCX and others while reducing crypto-related holdings.

Cathie Wood's Ark Invest trimmed several of its crypto holdings on Wednesday, including Tom Lee-backed Bitmine Immersion Technologies (BMNR), despite calling the firm's Ethereum (ETH) accumulation strategy an "exponential opportunity” in the outlook for 2026.

According to the firm's daily trade disclosures, the flagship ARK Innovation ETF (ARKK) sold 120,665 shares of BMNR, the largest corporate Ethereum treasury, marking the largest sale of the day. 

BMNR stock rose as much as 1.5% in pre-market trade on Thursday. On Stocktwits, retail sentiment around the firm trended in ‘bullish’ territory over the past day. Ethereum’s price, meanwhile, traded flat in the last 24 hours at around $1,900, with sentiment trending in the ‘neutral’ zone.

Ark Invest Trims Crypto Holdings

The fund manager also sold 11,314 shares of Bullish (BLSH), the crypto exchange that went public last year. BLSH stock edged 0.4% higher in pre-market trade, with retail sentiment trending in the ‘bullish’ zone over the past day. 

The crypto-adjacent trimming didn't stop there. Ark sold 13,403 shares of Block (XYZ) and 12,561 shares of Robinhood Markets (HOOD). HOOD reported second-quarter (Q2) earnings on Wednesday, after market close, beating market expectations. However, its revenue from the crypto segment fell nearly 40%. Shares of XYZ and HOOD stock traded flat in pre-market trade. 

Ark has built a reputation over the past year for buying into crypto-linked weakness rather than selling it, and Wood has been one of Bitmine's most vocal institutional backers since the company began its Ethereum treasury strategy. A same-day sale of both Bitmine and Bullish, alongside Block and Robinhood, is a break from that pattern.

On the buy side, Ark added to positions in SpaceX (SPCX), Taiwan Semiconductor (TSM), Kratos Defense and Security Solutions (KTOS), BWX Technologies (BWXT), X-Energy (XE), and Tesla (TSLA).

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