Cathie Wood’s ARK Invest adds $20 million in BitMine shares while scaling back exposure to Coinbase, Block and Robinhood amid its crypto portfolio reshuffle.
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Cathie Wood’s ARK Invest ramped up its exposure to BitMine Immersion Technologies on Monday, purchasing over $20 million worth of shares across three of its actively managed ETFs.
According to ARK’s daily trading disclosures, the ARK Innovation ETF (ARKK) acquired 401,318 shares of BitMine, while ARKW and ARKF picked up 128,048 and 43,487 shares, respectively. In total, ARK Invest added 572,853 BitMine shares.
The buying spree came on the heels of BitMine’s announcement that its Ether () holdings had exceeded $2 billion in just 16 days. Strategic Ether Reserves BitMine as the largest Ether treasury firm with 566,800 ETH, followed by SharpLink Gaming with 360,800 ETH.
The move also follows a last week. However, despite ARK’s pivot into the ETH treasury company, its stock has been struggling. BitMine’s stock before paring losses to close down 11.78%.
Related:
ARK sells Block, Coinbase, Robinhood Shares
ARK also trimmed its positions in several other crypto-linked stocks. The firm sold a total of 186,417 shares of Block Inc. across ARKK, ARKW, and ARKz, worth around $15 million.
Robinhood was also on the chopping block, with ARKW and ARKF offloading 119,090 shares valued at around $12.7 million. Meanwhile, ARKW sold 18,204 shares of Coinbase, worth nearly $7 million based on Monday’s closing price of $379.49.
While Robinhood shares rose 1.83% to close at $106.77, Block dipped 3.11%, and Coinbase slid 3.11%.
Related:
ARK names SOL Strategies as Solana staking partner
On Monday, ARK Invest to serve as the exclusive staking provider for its Digital Assets Revolutions Fund. The fund, which holds a curated basket of cryptocurrencies, will transition its validator operations to SOL Strategies’ infrastructure.
SOL Strategies CEO Leah Wald said the firm manages over 3.59 million Solana () across five validators, with more than 5,700 wallets participating. BitGo, which joined forces with SOL Strategies earlier this year, will also support the partnership.
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