Cathie Wood’s Ark Invest has acquired an additional $15 million worth of shares in the Ethereum treasury firm BitMine. The purchase comes after the stock recently tumbled. The investment further solidifies Ark’s bullish stance on the company’s strategy of accumulating and holding digital assets.
ARK Invest, which Cathie Wood leads, has acquired an additional $15.6 million shares in Bitmine Immersion Technologies (BMNR), increasing its total investment to over $300 million.
On Wednesday, ARK Invest acquired the shares through its three funds. The ARK Innovation ETF (ARKK) purchased 227,569 shares, while the ARK Next Generation Internet ETF (ARKW) acquired 70,991 shares. The ARK Fintech Innovation ETF (ARKF) purchased 40,553 shares.
ARK Invest’s BitMine holdings, which can also be interpreted as a wager on Ether, are currently nearly half the size of its investment in Coinbase.
Following selling 5,721 COIN shares last week, the company’s COIN holdings amount to nearly $676 million.
On July 21, Cathie Wood initiated the acquisition of BitMine, purchasing $174 million of its shares across three entities in a single day. On August 2, it acquired an additional $17 million of BMNR stock through its funds.
ARK Invest is recognized for its substantial investments in disruptive technologies, including blockchain, artificial intelligence, and gene editing. The company’s most recent acquisitions may indicate its optimistic outlook regarding ETH treasury companies, as Bitmine’s ETH holdings recently exceeded $7.5 billion.
Crypto stocks additions
ARK Invest has also been actively acquiring other crypto-related equities.
Over the past week, the organization added to its existing positions by purchasing $21.2 million of Bullish stock and $16.2 million of Robinhood Markets on August 20.
On Wednesday, ARK Invest held around $543 million of Robinhood stock across its portfolios.
After a protracted period of selling the stock, the company acquired $19.2 million in Block shares earlier this month.
Bitmine shares concluded Wednesday’s trading session at $46.03, representing a nearly 8% decline. According to Google Finance, the shares experienced an additional 2.22% decline, concluding the after-hours trading session at $45.01.
The stock has increased by 490% year-to-date, despite the decline on Wednesday.
The company’s revenue for the quarter ending in May was $2.05 million, a 67.5% increase from the previous quarter. Additionally, its net profit margin increased by 43% during the same period.
