Featured News Headlines
Cathie Wood Adds $15.6M in BitMine, Total Stake Surpasses $300M
Cathie Wood’s ARK Invest has increased its stake in Bitmine Immersion Technologies (BMNR) by $15.6 million, bringing its total investment in the company to over $300 million. The purchases were spread across ARK’s three funds: ARK Innovation ETF (ARKK) bought 227,569 shares, ARK Next Generation Internet ETF (ARKW) acquired 70,991 shares, and ARK Fintech Innovation ETF (ARKF) added 40,553 shares.
ARK’s BitMine holdings, which also reflect a bet on Ethereum (ETH), now represent nearly half the size of its Coinbase (COIN) investment, where ARK still holds approximately $676 million after selling 5,721 COIN shares last week.
A History of Aggressive Purchases
Cathie Wood began acquiring BitMine on July 21, spending $174 million in a single day across ARK’s funds. She followed up with an additional $17 million purchase on August 2. ARK is known for making large bets on disruptive technologies, including blockchain, artificial intelligence, and gene editing, and its BitMine purchases signal a bullish outlook on ETH treasury companies, as BitMine’s ETH holdings recently hit $7.5 billion.
Other Crypto Stock Moves
ARK Invest has also expanded other crypto-related equities. Over the past week, it added $21.2 million of Bullish stock and $16.2 million of Robinhood Markets on August 20, bringing total Robinhood holdings to roughly $543 million. Earlier in August, ARK purchased $19.2 million of Block shares after a period of selling.
BitMine shares closed Wednesday at $46.03, down nearly 8%, and fell further in after-hours trading to $45.01. Despite the dip, the stock remains up 490% year-to-date. In the quarter ending May, the company reported $2.05 million in revenue, a 67.5% increase year-over-year, while net profit margin rose 43%.
