Ethereum, the decentralized open-source blockchain, celebrated its 11th birthday on Thursday. Cathie Wood’s Ark Invest marked the occasion by trimming 120,665 shares of Bitmine Immersion Technologies Inc (NYSE:BMNR) on Wednesday—the world’s largest corporate Ethereum treasury. The trim came after firm recently described Bitmine’s Ethereum treasury strategy as an “exponential opportunity” looking into 2026.
Ark also reduced positions in crypto-linked names Bullish (NYSE:BLSH), Block Inc (NYSE:XYZ) and Robinhood Markets Inc (NASDAQ:HOOD), marking a notable shift from Wood’s recent pattern of buying crypto-related weakness. On the other side of the ledger, the firm added to Space Exploration Technologies Corp (NASDAQ:SPCX), Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM), Kratos Defense & Security Solutions Inc (NASDAQ:KTOS), BWX Technologies Inc (NYSE:BWXT), X-Energy Inc (NASDAQ:XE) and Tesla Inc (NASDAQ:TSLA).
QUICK CONTEXT: Ark Rebalances Crypto Exposure
Ark Invest is known for actively rebalancing high-conviction positions rather than making outright directional calls. While Cathie Wood remains one of the most prominent institutional supporters of digital assets, the firm’s ETFs frequently trim winning positions as they appreciate to keep portfolio weightings within target ranges.
The Bitmine sale stands out because Ark has been one of the strongest backers of the company’s Ethereum treasury strategy, which has become one of the largest corporate ETH accumulation programs. The simultaneous reduction in Bitmine, Bullish, Block and Robinhood suggests Ark locked in gains across multiple crypto-linked holdings rather than exiting a single name.
Despite the selling, market sentiment remained resilient. BMNR surged almost 10% on Thursday, while retail sentiment stayed bullish. Ethereum prices were little changed over the past 24 hours, indicating investors viewed the transactions more as routine portfolio management than a bearish signal on the broader crypto sector.
Photo: PJ McDonnell / Shutterstock
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