On Wednesday, ARK Invest decided to buy $15.6 million worth of shares in Bitmine Immersion Technologies (BMNR), the ether treasury company. They snagged a total of 339,113 BMNR shares and added them to three of their exchange-traded funds (ETFs): Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF). Talk about a bold bet, right?
Despite ARK’s big purchase, Bitmine shares dropped 7.85%, closing at $46.03. But hey, ARK Invest isn't phased. They have a history of snapping up shares when prices dip. It's kind of their thing: buy low, sell high, and keep their ETFs balanced.
Bitmine, led by Fundstrat’s Tom Lee, is no small player in the world of ether. The company holds over 1.7 million ether tokens, which are worth just under $8 billion at current prices. That’s a lot of crypto!
ARK Invest, led by Cathie Wood, is known for its strategic moves in the market. They often buy into companies when their stock takes a tumble and cash out when it sees a surge. This keeps their ETFs in line with their targeted allocations. If you’ve been following ARK’s moves, you know it’s all about seizing opportunities, and this is just another example of their classic play.
Roman Zaika
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