ARK Invest led by Cathie Wood cut the weighting of crypto-related stocks centred on Bitmine, Decrypt reported on July 30.

ARK Invest sold about $4.4 million worth of Bitmine, Robinhood, Block and Bullish shares on July 29. The sales took place on a day when the stocks fell. The biggest sale was 120,665 shares of Bitmine Immersion Technologies, worth about $2 million. It then cut 13,403 shares of Block worth about $1.1 million, 12,561 shares of Robinhood worth about $1.1 million, and 11,314 shares of Bullish worth about $247,000. Bitmine closed down 5.6 percent that day, and the other three stocks also ended weaker.

The adjustment ties in with a recent buying streak. ARK Invest bought about $43.5 million worth of Coinbase and Circle shares over the prior three trading sessions. Of that, Coinbase purchases totalled about $18.6 million and Circle about $12.9 million. While trimming some names, it effectively increased holdings in large crypto-related stocks.

ARK Invest also bought about $14.5 million worth of SpaceX shares on July 29 through several exchange-traded funds. The portfolio changes were not limited to crypto-related stocks.

The market backdrop also aligns with the trades. Crypto-related stocks have recently been shaken broadly alongside weakness in digital asset prices. Robinhood reported second-quarter results this week that beat Wall Street expectations, but said revenue in its crypto business fell by nearly 40 percent from a year earlier. A slowdown in trading activity was directly reflected in performance.

Against that backdrop, ARK Invest's trading took on more of a stock-by-stock adjustment. It lowered exposure to Bitmine, Robinhood, Block and Bullish during a short-term weak patch, while continuing to buy Coinbase and Circle over the past few days. As crypto price adjustments affect share prices and earnings expectations across related companies, asset managers appear to be recalibrating exposure by name.

The Robinhood case in particular shows the recent market mood. Results beat expectations, but investor sentiment came under pressure as declining crypto-business revenue and weaker trading were confirmed. ARK Invest, by contrast, made a different call on Coinbase and Circle, buying for three consecutive sessions.

The trades therefore appear to be a move to reallocate weightings by stock during a downturn rather than cutting crypto-related stocks across the board. In the short term, key points to watch are digital asset price moves and whether trading activity at related companies rebounds.