Ark Ditches Bitmine, Snaps Up SpaceX While Crypto Stocks Bleed Out 🩸

Cathie Wood's Ark Invest sold roughly $4.4 million of crypto-linked equities on Wednesday, trimming holdings in Bitmine Immersion Technologies, Robinhood, Block, and Bullish after each name closed lower. The largest reduction was 120,665 shares of Bitmine, valued at about $2 million. Ark also offloaded 13,403 shares of Block (~$1.1 million), 12,561 shares of Robinhood (~$1.1 million), and 11,314 shares of Bullish (~$247,000). Bitmine finished the session down 5.6%, while Robinhood, Block, and Bullish each ended in negative territory.

The same disclosure showed the firm purchased approximately $14.5 million of SpaceX shares across multiple exchange-traded funds. The sales arrive after a three-day stretch in which Ark accumulated about $43.5 million of Coinbase and Circle stock, including roughly $18.6 million of Coinbase and $12.9 million of Circle.

The activity coincided with earnings from Robinhood, which posted record quarterly revenue of $1.31 billion in Q2, up 32% year-over-year and ahead of the $1.26 billion Wall Street consensus. Net income reached $573 million, or $0.62 per share, compared with $386 million, or $0.42 per share, a year earlier. The company also reported that crypto revenue fell nearly 40% from a year ago as trading activity cooled, even as it pushes into prediction markets and crypto products, including Robinhood Chain.

Separately, Luno is cutting about 20% of its staff worldwide, CEO James Lanigan told Bloomberg on Tuesday, declining to specify the number of roles affected. The exchange, owned by Digital Currency Group and headquartered in London, said it has 16 million users across Africa and Asia-Pacific and has made "material investments in automation and broader operational improvements over the last year," while developing tools "that are rapidly changing the resource model required to run the business."

MoonPay on Thursday introduced PayBox, a payment vault that integrates with Claude and ChatGPT to allow AI agents to execute transactions on a user's behalf. The vault stores both crypto wallets and payment cards, and users must approve each transaction via a passkey stored on their device.