Cathie Wood’s Ark Invest Expands Exposure to BitMine Amid Crypto Market Moves
Cathie Wood’s Ark Invest is doubling down on BitMine, purchasing an additional $20 million worth of shares across three of its flagship ETFs this Monday. This move follows last week’s massive $182 million acquisition of BitMine stock, signaling a strategic pivot within Ark’s crypto-related holdings.
According to Ark Invest’s Monday disclosure, the ARK Innovation ETF (ARKK) bought 401,318 BitMine shares, the ARK Next Generation Internet ETF (ARKW) added 128,048 shares, and the ARK Fintech Innovation ETF (ARKF) picked up 43,487 shares. The increased exposure suggests growing confidence in BitMine’s unique Ethereum treasury strategy.
Significant Sales of Block, Robinhood, and Coinbase Shares
While boosting BitMine, Ark simultaneously trimmed stakes in other key crypto players. The firm sold about 186,417 shares of Block Inc., totaling roughly $15 million, across the same ETFs. Additionally, ARKW and ARKF sold $12.7 million worth of Robinhood Markets shares. Ark’s Next Generation Internet ETF (ARKW) also offloaded 18,204 Coinbase Global shares, valued near $6.9 million based on Monday’s closing prices.
These shifts reflect Ark Invest’s recalibration amid evolving market conditions, with a stronger emphasis on assets like BitMine, which recently disclosed its Ethereum holdings surpassed $2 billion.
Market Reaction: BitMine Stock Drops Despite Ark’s Confidence
Despite Ark’s aggressive buying, BitMine shares fell 11.78% to close at $35.11 on Monday, followed by a further 13.1% decline in after-hours trading, per Yahoo Finance data. In contrast, Coinbase shares dipped 3.11% to $379.49, while Robinhood shares gained 1.83% to close at $106.77.
Ark Invest’s portfolio adjustments underline the dynamic nature of crypto investments, as Cathie Wood’s firm bets on BitMine’s innovative approach amidst a volatile market.
