Ark Invest Dumps Bitmine, Block and Bullish Shares to Buy More SpaceX

Cathie Wood’s Ark Invest bought $14.5 million worth of SpaceX shares on Wednesday after selling holdings in Bitmine, Block, and Bullish. The move comes just one day after the investment firm made a similar round of trades.

Here is every move that Cathie Wood and Ark Invest made in the stock market today 7/29 pic.twitter.com/Nvs7icPRSM

— Ark Invest Tracker (@ArkkDaily) July 30, 2026

The portfolio changes in crypto stocks also come just as one of ARK’s researchers predicted more shutdowns and mergers in the crypto industry.

Ark Invest adds more SpaceX while cutting crypto stocks

The firm bought 128,932 shares of SPCX across its ETFs. The purchase was worth $14.5 million based on the stock’s closing price.

To help fund the purchase, Ark Invest sold several positions in mostly crypto stocks. The biggest sale was 120,665 shares of BMNR, valued at around $2 million. The stock ended Wednesday’s trading session in the red zone, dropping 5.6% to close at $16.59.

The firm also sold 13,403 shares of Block Inc. About 12,561 Robinhood shares, worth 1.1 million, were also sold. This is particularly surprising because the exchange’s new Q2 earnings reportedly beat Wall Street expectations, with transaction-based revenue rising 44% YoY.

Ark’s sales did not stop there. The firm also offloaded 11,314 shares of Bullish, worth $247,097. All four stocks that were sold finished the day lower than they started it.

On Tuesday, Ark Invest bought 105,108 SpaceX shares, worth $12.2 million, while selling crypto stocks as well. The firm sold $2.3 million worth of Block shares, $1.6 million worth of Bullish stock, and about $4 million worth of Robinhood shares in that time.

 

However, ARK added $289,167 worth of Bitmine shares and $32,667 worth of the 3iQ Solana Staking ETF. So it was not all selling. All of this comes as these businesses face competition and changing market conditions.

ARK researcher predicts more crypto shutdowns and consolidations

The crypto portfolio changes are coincidental with the recent comments made by Ark Invest’s Director of Digital Assets Research, Lorenzo Valente.

On July 28, Valente said the crypto industry is entering one of its deepest consolidation phases. He added that revenue is more concentrated on certain projects.

According to his analysis, Hyperliquid and Pump.fun generate 67% of application revenue. Adding Ethena, the top three projects account for almost 80% of total revenue.

Source: Lorenzo Valente via X

Valente said this could lead to more mergers, acquisitions, Chapter 11 bankruptcy filings, and company shutdowns in the coming months.

“The market structure has changed. Capital is much more selective, and teams and exchanges without real PMF are shutting down,” he said. “I expect this to intensify over the coming months.”

In ARK’s Q1 2026 DeFi report, the firm highlighted the level of concentration in the industry. The report showed that total application revenue fell 23% quarter-over-quarter to about $30 million.

Source: Ark Invest

In that time, Hyperliquid saw about $145 million in revenue, Pump.fun generated $123 million, and Axiom added $58 million. This shows a major capital concentration.

Source:: Ark Invest Dumps Bitmine, Block and Bullish Shares to Buy More SpaceX