Ark Invest offloads $90 million in Coinbase shares, buys $175 million worth of Ether treasury firm Bitmine

Cathie Wood-led investment firm Ark Invest sold 218,986 Coinbase shares (COIN) worth $90.58 million across its three exchange-traded funds on Monday.

The Ark Innovation ETF (ARKK) sold 174,746 COIN shares, the Ark Next Generation Internet ETF (ARKW) sold 27,663 shares, and the ARK Fintech innovation ETF (ARKF) offloaded 16,577 shares of the crypto exchange.

Ark's sale came on the heels of Coinbase hitting its all-time high of above $437 last Friday, after the U.S. House of Representatives passed landmark crypto legislation to establish a federal regulatory framework for stablecoins and outline rules for the broader digital asset industry. 

The Coinbase trading app also recently broke into the top 100 rankings on the Apple App Store for the first time since January.

Coinbase, which operates the largest crypto exchange in the U.S., closed down 1.47% at $413.63 on Monday, according to Google Finance data.

Ark acquires Bitmine

Meanwhile, the investment firm's bought 4.42 million shares of Bitmine Immersion Technologies (BMNR), worth $175 million, across its three ETFs. Bitmine owns over 300,000 ETH in its treasury.

Moreover, Ark Invest's ARKW sold 109,824 Robinhood shares, valued at $11.46 million. Robinhood's stock fell 4.92% on Monday to close at $104.34. The ARKF sold 90,061 shares of Block Inc., worth $7 million. Block's shares closed up 7.22% at $78.08 on Monday.

Ark Invest adopts an investment strategy that caps any single stock holding at 10% of a fund's portfolio to maintain diversification. This approach means the firm may continue rebalancing its positions as the value of certain assets rises or falls significantly relative to other holdings.

Story updated to include the BMNR purchase.