Cathie Wood-led Ark Invest is making big moves in the crypto world. On Tuesday, the firm dropped $15.3 million on shares of BitMine Immersion Technologies, purchasing across three of its exchange-traded funds (ETFs). And this wasn’t just a one-day wonder—Ark Invest had already snapped up $20 million in BitMine shares the day before. Clearly, they’re all in on this one.
So, here’s the breakdown: the ARK Innovation ETF (ARKK) picked up 323,186 shares, ARK Next Generation Internet ETF (ARKW) grabbed 104,244 shares, and ARK Fintech Innovation ETF (ARKF) bought 50,068 shares. Seems like Ark Invest can’t get enough of BitMine, huh?
BitMine’s Volatile Stock Performance Amid Ark Invest’s Push
But it's not all about buying, ARKF also sold off 18,843 shares of Jack Dorsey’s Block Inc., worth $1.47 million. Always balancing the portfolio, right?
This is part of Ark Invest’s ongoing strategy to tweak its crypto exposure. Just last week, Ark made headlines by acquiring a massive $182 million worth of BitMine shares. Meanwhile, BitMine isn’t slowing down either. In a Thursday statement, the company revealed that its ETH holdings had exceeded a mind-blowing $2 billion. It’s clear that BitMine is gunning for a 5% stake of the overall ETH supply, which is no small feat.
However, BitMine's stock price isn’t exactly celebrating all the good news. On Tuesday, the stock dipped 8.86% to close at $32. And while the past week has seen a 20.65% drop, the stock is still up an impressive 650.29% over the past month. Guess crypto volatility strikes again!
Ark Invest’s relentless accumulation of BitMine shares is showing no signs of stopping, and with this latest round of purchases, it’s clear the firm’s got its eyes set on the long game. Let’s see where this crypto strategy takes them.
Roman Zaika
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