Cathie Wood sells $100M of surging tech stocks to buy shocking stock

Cathie Wood, CEO of Ark Invest, is well-known for her aggressive investments in tech stocks she believes are going to be trendsetters. Crypto stocks like Coinbase (Nasdaq: COIN) and Robinhood (Nasdaq: HOOD) have, in particular, been among her favorite bets.

While Coinbase is the largest crypto exchange in the U.S., Robinhood has created buzz with its recent launch of tokenized stocks such as OpenAI, inviting backlash as well. Both the stocks hit their record highs on July 18 as President Donald Trump signed the GENIUS Act later that day.

However, it seems there is a new favorite in town that even Wood couldn't resist, and she was ready to let go of these old bets for its sake.

Join the discussion with CryptoWendyO on Roundtable here.

On July 21, ARK Invest sold 218,986 COIN shares worth $90.5 million and 109,824 HOOD shares worth $11.4 million. She even sold 90,061 Block, Inc. (NYSE: XYZ) shares worth $7 million on the day.

Here's every move Cathie Wood and Ark Invest made in the stock market today 7/21 pic.twitter.com/BNaMzGslio

— Ark Invest Daily (@ArkkDaily) July 22, 2025

Instead, the investment firm bought 4.4 million shares of Bitmine Immersion Technologies (NYSE: BMNR) worth $174 million.

Bitmine is a firm that has pivoted to Ethereum to add to its corporate treasury, a diversion from the usual reliance on Bitcoin as a treasury asset among companies pioneered by the likes of Strategy (Nasdaq: MSTR).

Fundstrat's Tom Lee recently joined the crypto treasury firm as chairman who believes the stablecoin boom will prove to be beneficial to Ethereum.

Since ARK Invest keeps rebalancing its portfolio holdings, investors should closely observe how long the firm will hold BMNR and assess if ETH can compete with BTC as a preferred treasury asset.