Cathie Wood Dumps Robinhood for BMNR Stock Adjusts Holdings

TLDR

Table of Contents

ARK Invest purchased 101,950 BMNR shares worth $4.3M across three ETFs.
ARK sold 43,728 Robinhood shares worth $5.1M despite HOOD’s 16% S&P 500 surge.
BitMine now holds over 2 million ETH, owning 1.7% of the total Ethereum supply.
BMNR stock rose over 4% to close at $43.79, with gains continuing after hours.

Cathie Wood’s ARK Invest is shifting its focus once again. On September 8, the firm cut its Robinhood position while increasing its exposure to BitMine (BMNR), a company tied closely to Ethereum. With crypto-related assets gaining more attention, this latest move reflects a strategy adjustment. The trade came as Robinhood stock jumped after S&P 500 news, but ARK chose to scale back rather than ride the surge.

ARK Invest Reduces Robinhood Holdings Amid Stock Surge

ARK Invest sold 43,728 shares of Robinhood (NASDAQ: HOOD) from its ARKW ETF. The total value of the sale was around $5.1 million. This move came on the same day Robinhood shares surged nearly 16% after S&P Global confirmed the company’s addition to the S&P 500.

Despite the stock’s rise to $117.28 at the close of trading, ARK chose to reduce exposure. This marks a change in direction for the firm, which had previously maintained a large position in the trading platform. ARK did not provide a public explanation for the decision.

In the same disclosure, ARK also sold around 10,000 shares of Teradyne. However, the Robinhood sale was the largest divestment of the day. The decision to exit some of its HOOD position comes as Cathie Wood appears to be reallocating capital toward blockchain-related assets.

ARK Invest Buys $4.3 Million in BMNR Stock

While pulling back from Robinhood, ARK Invest purchased 101,950 shares of BitMine (NASDAQ: BMNR). The buy was worth roughly $4.3 million and was spread across three of ARK’s exchange-traded funds. This purchase continues a trend of growing investment in BMNR over recent weeks.

BitMine’s stock closed 4% higher on the same day at $43.79, according to Yahoo Finance. It also recorded further gains in after-hours trading. The company has gained investor attention due to its growing Ethereum holdings.

BitMine now owns more than 2 million ETH, making it the largest corporate holder of Ethereum. This gives the firm around 1.7% of Ethereum’s total supply. The investment aligns with Cathie Wood’s increasing confidence in Ethereum as a long-term asset.

BitMine Expands ETH Holdings and Grows Market Presence

BitMine has been active in the crypto and blockchain space, expanding its influence through acquisitions and treasury growth. The company is working toward its goal of holding 5% of Ethereum’s total supply. Its latest move included buying large quantities of ETH, further cementing its place in the market.

The company also saw large returns from other investments. It recently turned a $20 million position in Eightco Holdings into $628 million. That gain came after OCTO shares surged over 3,000% following news related to Worldcoin.

This type of performance has brought in more institutional interest. ARK Invest’s increasing purchases of BMNR shares show that the stock has become a larger part of its blockchain strategy. Tom Lee, who is behind BitMine, recently said he expects rate cuts from the Federal Reserve.

“Lower interest rates could help both equities and crypto assets like BTC and ETH,” Lee stated in a public comment. With a focus on Ethereum and high-growth opportunities, BitMine’s position is being watched closely by investors and funds alike.

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