Cathie Wood's ARK Invest is making headlines with its latest investment decisions. The firm has added over $20 million in shares of BitMine Immersion Technologies while scaling back its investments in major players like Coinbase, Block, and Robinhood.
According to ARK's daily trading disclosures, the ARK Innovation ETF (ARKK) alone acquired 401,318 shares of BitMine. Meanwhile, ARKW and ARKF picked up 128,048 and 43,487 shares respectively, totaling an impressive 572,853 shares for the firm. This comes shortly after BitMine announced that its Ether holdings surpassed $2 billion in just 16 days.
BitMine is now recognized as the largest Ether treasury firm, boasting 566,800 ETH in reserves. The firm's stock has seen volatility, with a nearly 27% plunge on Monday before closing down by 11%. As stated in the article, "BitMine's stock plunged nearly 27% on Monday before paring losses to close down 11.78%."
In addition to increasing its stake in BitMine, ARK Invest has reduced its positions in several other crypto-linked stocks. The firm sold a total of 186,417 shares of Block Inc., valued at around $15 million. Robinhood also saw a decrease, with ARKW and ARKF offloading 119,090 shares worth approximately $12.7 million.
Coinbase was not spared either; ARKW sold 18,204 shares valued at nearly $7 million. Notably, while Robinhood shares rose by 1.83%, both Block and Coinbase experienced a decline of around 3%.
In another strategic move, ARK partnered with SOL Strategies to serve as the exclusive staking provider for its Digital Assets Revolutions Fund. This partnership is aimed at transitioning the fund’s validator operations to SOL Strategies’ infrastructure. Leah Wald, CEO of SOL Strategies, mentioned that they manage over 3.59 million Solana across five validators, indicating robust support for this initiative.
The recent actions taken by ARK Invest highlight a significant pivot towards Ethereum-focused investments while minimizing exposure to established crypto exchanges. As the market evolves, such strategic reallocations are essential for maintaining competitive advantage and aligning with emerging trends.
