Cathie Wood Dumps AMD Shares, Loads Up On Nvidia With $17 Million Buy Amid Earnings Buzz: Ark Scoops Up These Crypto Stocks As Bitcoin, Ethereum Crash

On Thursday, Cathie Wood-led Ark Invest executed significant trades, including buying shares of Nvidia Corp (NASDAQ:NVDA) and selling shares of Advanced Micro Devices Inc. (NASDAQ:AMD) . Ark also purchased shares of Bitmine Immersion Technologies Inc, (NYSE:BMNR), Bullish (NYSE:BLSH) and Circle Internet Group Inc. (NYSE:CRCL).

The Nvidia Trade

ARK Innovation ETF (BATS: ARKK) acquired 93,374 shares of Nvidia, valued at approximately $16.9 million, based on the closing price of $180.64.

This move comes after Nvidia’s impressive third-quarter results, which saw a 62% year-over-year revenue increase, reaching $57 billion. The Jensen Huang-led company’s strong performance is driven by surging demand for its Blackwell chips, reinforcing its position in the AI sector. Even so, the stock could not sustain its post-earnings rally and ended the day 3.15% lower.

The AMD Trade

Ark Invest reduced its holdings in AMD across multiple ETFs, including Ark Fintech Innovation ETF (BATS:ARKF), ARK Next Generation Internet ETF (BATS:ARKW) and ARKK. The total sale amounted to 14,087 shares, valued at approximately $2.9 million, considering AMD’s closing price of $206.02.

Despite AMD’s recent strategic wins in the AI market, including a major project in France, the stock faced pressure amid broader sector concerns following NVIDIA’s earnings.

The Bitmine Immersion Trade

Ark Invest’s ARKK and ARKF funds collectively purchased 380,244 shares of Bitmine Immersion, totaling approximately $9.9 million, based on the closing price of $26.02. 

Bitmine’s stock has been volatile, influenced by its significant holdings in Ethereum (CRYPTO: ETH), which recently experienced a price drop, impacting Bitmine’s stock value. The Tom Lee-chaired company became the world’s largest corporate Ethereum holder, amassing over 3.55 million tokens, about 2.9% of the global supply, effectively making its stock a proxy for the cryptocurrency.

Notably, the apex cryptocurrency Bitcoin (CRYPTO: BTC) fell below $87,000 for the first time in seven months, trading between $86,040.80 and $93,025.07 and sitting roughly 30% below its six-week-old all-time highs. ETH briefly dropped below $2,800, erasing all gains since mid-July before partially recovering overnight.

The Bullish Trade

Ark Invest’s ARKF, ARKK, and ARKW funds acquired a total of 264,534 shares of Bullish , valued at approximately $9.65 million, based on the closing price of $36.50. 

Bullish reported strong third-quarter earnings on Wednesday, with revenue surpassing analyst expectations, highlighting its continued momentum in the digital asset space. The company reported third-quarter revenue of $76.5 million, surpassing estimates of $71.2 million, while adjusted EPS came in at $0.10, matching expectations. Digital asset sales fell to $41.6 billion from $54.2 billion year-over-year, and adjusted transaction revenue declined to $26.7 million. The company launched crypto options with 14 partners and said liquidity partnerships more than doubled, with growth continuing into the fourth quarter.

The Circle Trade

ARKK acquired 134,650 shares of Circle. The transaction, valued at approximately $9 million, was based on CRCL’s closing price of $66.93 on Thursday.

This acquisition aligns with Ark’s focus on innovative technologies and digital currencies, as CRCL is a prominent player in the crypto space.

Baird upgraded Circle Internet Group to Outperform with a $110 target, while Bernstein reaffirmed its Outperform rating with a $230 target. In Q3, the USDC (CRYPTO: USDC)-issuer reported $740 million in revenue, $166 million in adjusted EBITDA, and $214 million in net income, marking a 202% year-over-year gain.

On Wednesday, Ark purchased $15.06 million worth of Circle stock; a day prior, it had bought $3.06 million worth.

Other Key Trades

• Sold 170,646 shares of Exact Sciences Corp from ARKG and 761,515 shares from ARKK.
• Sold 12,624 shares of Teradyne Inc from ARKK.
• Bought 496,586 shares of Recursion Pharmaceuticals Inc in ARKK.

Benzinga’s Edge Stock Rankings indicate AMD stock has a value in the 6th percentile. Here is how the stock compares with the chip rival Nvidia.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal