Cathie Wood's ARK Invest executed a dramatic portfolio shift on Wednesday, selling more than $16 million worth of Advanced Micro Devices shares while aggressively accumulating positions in cryptocurrency-related equities. The investment firm poured over $34 million into Bullish and Circle Internet Group, signaling deepening conviction in digital asset infrastructure even as crypto prices remain under pressure.
The trades, disclosed in ARK's daily filing for November 19, represent the latest in a weeks-long accumulation campaign that has seen Wood direct more than $40 million toward publicly traded crypto companies since early November. The pivot away from semiconductor stocks toward stablecoin issuers and digital asset exchanges marks a notable shift in thesis from the growth-focused investment firm.
ARK's largest single transaction on Wednesday was the acquisition of 463,598 shares of Bullish, valued at approximately $17.5 million. The purchase was distributed across ARK's flagship Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF), demonstrating broad conviction across the firm's funds.
The timing was notable. Bullish had just reported third-quarter earnings earlier that morning, swinging to its first profit since going public. The company posted net income of $18.5 million, or 10 cents per share, compared to a $67.3 million loss in the year-earlier period. Adjusted revenue of $76.5 million beat analyst expectations of $72.9 million.
Despite the strong results, shares fell as much as 10% during the session, hitting an intraday low of $34.24 before closing down roughly 5% at $35.95. The decline reflects broader weakness across crypto-linked equities rather than company-specific concerns, with the sector experiencing a rough stretch amid Bitcoin's pullback from recent highs.
Bullish, which went public on the NYSE in August 2025, raised $1.21 billion in a debut that saw shares open at $90.45 before briefly touching $118. The stock has since retreated substantially. The company, backed by PayPal co-founder Peter Thiel, operates a regulated institutional-grade cryptocurrency exchange and also owns crypto news site CoinDesk, which it acquired in 2023. Former New York Stock Exchange President Tom Farley serves as CEO.
ARK had indicated interest in purchasing up to $200 million of shares during the IPO process alongside BlackRock, signaling early conviction in the platform's potential.
Circle Internet: Buying the Dip After Earnings Concerns
ARK's second major crypto purchase was 216,019 shares of Circle Internet Group, valued at approximately $16.5 million. The acquisition represents a continuation of aggressive buying that has characterized the past week.
The stablecoin issuer reported third-quarter results on November 12 that showed net income rising to $214 million, a 202% year-over-year increase. Earnings per share of 64 cents crushed expectations of 22 cents. Total revenue and reserve income more than doubled to $740 million, driven by growth in USDC circulation to $73.7 billion, more than double the year-earlier figure.
Yet shares have fallen sharply since the report, sliding as concerns mount over the impact of potential Federal Reserve interest rate cuts on Circle's revenue. The company earns the majority of its income from interest on the reserves backing USDC, making it highly sensitive to rate movements. The "96 basis point decline in the reserve return rate" during the quarter highlighted this vulnerability.
ARK began buying the dip immediately after the earnings-driven decline. On November 12, the firm purchased $30.5 million worth of Circle shares as the stock dropped 12% in a single session. The buying continued on subsequent days, with the firm adding to its position across multiple ETFs.
Circle went public in June 2025 at $31 per share, with the stock immediately surging to $69 at the open and peaking near $300 within three weeks. The shares have since retreated to around $76, still representing a 145% gain from the IPO price but a steep decline from highs.
Analyst sentiment remains divided. Baird upgraded Circle to Outperform with a $110 price target, while Bernstein reiterated an Outperform rating with a $230 target, citing the company's fundamental strength. However, J.P. Morgan maintains a Sell rating with a modest $94 target, arguing the stock remains overvalued relative to fundamentals.
Selling AMD: A Semiconductor Retreat
On the other side of the ledger, ARK sold 72,215 shares of Advanced Micro Devices valued at approximately $16.6 million. The sale was distributed across ARKK, ARKW, and ARKF, marking a continuation of the firm's recent trend of reducing semiconductor exposure.
AMD shares fell 2.93% on Wednesday, closing at $223.55, amid broader sector concerns ahead of Nvidia's earnings report. The sale comes despite AMD's ongoing efforts to capitalize on the AI chip market, including a recent win to power France's Alice Recoque supercomputer.
Wood's relationship with AMD has been cyclical. ARK aggressively accumulated shares throughout late April and May 2025, adding approximately 800,000 shares as the stock benefited from AI-driven data center demand. However, the firm has been trimming the position in recent weeks, reallocating capital toward crypto infrastructure plays.
The rotation reflects Wood's evolving thesis on where disruptive growth opportunities lie. While AI chips remain a secular trend, ARK appears increasingly focused on what it views as underappreciated opportunities in digital asset infrastructure, particularly as regulatory clarity improves and institutional adoption accelerates.
BitMine: Doubling Down on Ethereum Treasury Strategy
ARK also increased its stake in BitMine Immersion Technologies, purchasing 260,651 shares valued at approximately $8.4 million. This adds to substantial purchases made earlier in the week, reflecting bullish conviction in the company's aggressive Ethereum accumulation strategy.
BitMine has positioned itself as the largest Ethereum treasury company in the world, following a playbook similar to MicroStrategy's Bitcoin strategy. The company announced holdings totaling $11.8 billion as of November 16, including 3.56 million ETH representing approximately 2.9% of total supply. The company has stated a goal of acquiring 5% of the Ethereum network.
Led by Fundstrat's Thomas "Tom" Lee as Chairman, BitMine counts ARK's Cathie Wood, Bill Miller III, Founders Fund, Pantera, and Galaxy Digital among its institutional backers. The stock has become one of the most heavily traded in U.S. markets, with average daily dollar volume of $1.4 billion.
Additional Trades: Trimming Tech Positions
ARK's selling activity extended beyond AMD. The firm offloaded 54,280 shares of Teradyne for approximately $8.9 million and reduced holdings in Natera by 40,676 shares worth roughly $8.7 million. These sales reflect a broader reallocation of resources within the portfolio.
The firm also continued divesting from Pinterest, selling 29,753 shares for approximately $767,000. ARK has consistently sold Pinterest throughout the past week, following a pattern of reducing exposure to social media companies while building positions in digital asset infrastructure.
Other sales included 45,450 shares of Iridium Communications valued at roughly $734,000 and 24,338 shares of Reddit worth approximately $4.5 million.
On the buying side, smaller acquisitions included 6,483 shares of Klarna Group valued at approximately $205,000 and 14,985 shares of Shopify worth roughly $2.1 million.
Final thoughts
The trades underscore ARK Invest's aggressive positioning in digital asset infrastructure at a time when many crypto stocks are under pressure. Bitcoin has fallen sharply in recent weeks, pulling down related equities across the sector. Yet Wood appears to be treating the weakness as a buying opportunity.
In her Big Ideas 2025 report, Wood reiterated a Bitcoin price target between $1.5 million and $2.4 million by 2030, calling digital assets "the most important monetary innovation since the internet." The firm's recent purchases suggest similar conviction in Ethereum-related opportunities and stablecoin infrastructure.
As of early November, ARK held an estimated $131.3 million position in Bullish, representing 0.84% of the firm's overall portfolio. Coinbase remains the largest crypto-related holding at $680.2 million, followed by Robinhood at $592.9 million and BitMine at $280.5 million.
The shift from semiconductors toward crypto plays marks a notable tactical adjustment. While AI chip demand remains robust, Wood appears increasingly convinced that the next wave of disruptive growth will come from the infrastructure enabling digital asset adoption, including stablecoin issuers, regulated exchanges, and treasury companies accumulating tokens for institutional exposure.
Whether this bet pays off will depend on whether regulatory tailwinds materialize and institutional adoption accelerates as Wood anticipates. For now, ARK is putting significant capital behind that thesis.