Cathie Wood’s ARK Invest has made a bold portfolio shakeup, unloading major positions in Coinbase and Roblox to buy into Bitmine Immersion Technologies, a firm newly pivoting to Ethereum and chaired by Fundstrat’s Tom Lee. According to Monday’s trading update, ARK sold 218,986 Coinbase shares valued at $90.5 million and 463,293 Roblox shares worth $57.7 million across its three major ETFs: ARK Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF).

In return, ARK acquired 4.4 million shares of Bitmine, totaling around $174 million. This purchase marks the firm’s first entry into Bitmine since its shift from Bitcoin to Ethereum, and now makes up 1.5% of each ETF’s portfolio. Bitmine’s stock price exploded more than 3,000% to $135 following the Ethereum pivot, before cooling to $39.57. It still holds a gain of over 400% year-to-date. Billionaire Peter Thiel recently took a 9.1% stake in the company.

ARK Invest also trimmed positions in Robinhood, Block, and its own ARK 21Shares Bitcoin ETF. The firm rotated those holdings into Bitmine and other picks like AMD, Airbnb, and DoorDash. While Coinbase and Roblox remain the second and third largest ARKK holdings behind Tesla, their presence has been reduced.

Among the three ETFs, only the ARKF fund holds direct Ethereum exposure through a 1.15% allocation to the 3IQ Ether Staking ETF. The moves signal Wood’s growing confidence in Ethereum-focused infrastructure over traditional fintech and Bitcoin-heavy plays. With ARK managing over $10 billion across these funds, the shift toward ETH-native assets may be just getting started.