Cathie Wood’s ARK Invest enhances exposure to BitMine by $20 million while downsizing positions in Coinbase, Block, and Robinhood, signaling a shift toward Ethereum infrastructure investments.
Cathie Wood's ARK Invest has expanded its stake in BitMine Immersion Technologies by purchasing over $20 million in shares. This move was made across three of ARK's actively managed ETFs, reflecting a growing preference for Ethereum-focused treasury companies amid a significant reshuffle of the firm's crypto-linked stock portfolio.
ARK's daily trading disclosures reveal that the ARK Innovation ETF (ARKK) acquired 401,318 shares of BitMine. Similarly, ARKW and ARKF ETFs picked up 128,048 and 43,487 shares, respectively, totaling 572,853 new BitMine shares. This uptick followed BitMine's announcement that its Ether holdings had surpassed $2 billion within just 16 days, positioning it as the largest Ethereum treasury firm with 566,800 ETH—surpassing competitors like SharpLink Gaming.
Strategic Rebalancing: Shifting From Crypto Exchanges to Ethereum Infrastructure
Alongside increasing its BitMine holdings, ARK Invest simultaneously trimmed exposure to crypto-centric companies Coinbase, Block Inc., and Robinhood. The firm offloaded 186,417 shares of Block across ARKK, ARKW, and ARKz, valued at roughly $15 million. Robinhood shares saw sales of 119,090 shares worth approximately $12.7 million, while ARKW sold 18,204 Coinbase shares for nearly $7 million based on the latest closing prices.
Market reactions on the day of these trades showed modest downside in Block and Coinbase shares, both slipping by 3.11%, whereas Robinhood edged up 1.83% to close at $106.77.
This repositioning underscores ARK’s evolving approach—shifting from platforms and financial service firms towards enterprises that hold and manage digital assets directly, particularly with an Ethereum focus. Recent larger-scale BitMine acquisitions, including a prior $182 million purchase, affirm this strategy.
Leah Wald, CEO of SOL Strategies, recently announced a partnership with ARK to manage staking for the Digital Assets Revolutions Fund with SOL’s infrastructure, indicating ARK’s commitment to backing blockchain infrastructure providers rather than exchanges.
ARK’s reallocation to BitMine aligns with institutional trends favoring Ethereum treasury involvement, as BitMine has become a dominant player by amassing more than 300,000 ETH, outpacing other major holders such as the Ethereum Foundation
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ARK Invest Bets $20M on BitMine, Trims Crypto Stocks
ARK Invest ramps up $20M in BitMine shares, reduces Coinbase, Block, and Robinhood holdings in strategic crypto portfolio reshuffle.