Cathie Wood’s Bold Crypto Play: Sells High, Buys Low in Ethereum-Linked Stocks

TradingKey – On Monday, July 28 (U.S. Eastern Time), Cathie Wood’s Ark Invest executed a dramatic portfolio shift:

• Sold $12.62 million worth of Robinhood (HOOD) shares
• Sold $6.9 million in Coinbase (COIN) stock
• Simultaneously invested over $20 million to increase holdings in Bitmine Immersion Technologies (BMNR)

This move is being hailed as a textbook example of “sell high, buy low” in the crypto equity space.

Selling at the Peak

On July 18, both Robinhood and Coinbase hit record highs:

• Coinbase surged to $444, its highest ever
• Robinhood peaked at $113, also a historic high

Since then, both stocks have pulled back:

• Coinbase: down 14%
• Robinhood: down 6% Yet both remain elevated compared to earlier levels.

Robinhood Price Chart – Source: TradingView

Doubling Down on Ethereum Exposure

Ark’s reinvestment into Bitmine Immersion (BMNR) signals a strategic pivot toward Ethereum-linked assets.

• Bitmine is currently the largest ETH-holding public company, with over 560,000 ETH in its treasury
• In late June, BMNR stock skyrocketed from $12 to $160 — a 1,200% rally
• However, it has since corrected to $35, presenting what Ark sees as a deep value opportunity

Bitmine Immersion Price Chart – Source: TradingView