Cathie Wood’s ARK Invest expanded its exposure to BitMine Immersion Technologies on Monday by purchasing over $20 million worth of shares across three of its actively managed ETFs.
Acquires Over Half a Million BitMine Shares
According to ARK’s daily trading reports, the ARK Innovation ETF (ARKK) acquired 401,318 BitMine shares. Meanwhile, ARKW and ARKF purchased 128,048 and 43,487 shares respectively—bringing the total to 572,853 BitMine shares acquired in a single day.
The buying spree followed BitMine’s announcement that its Ether holdings surpassed $2 billion in just 16 days. Strategic Ether Reserves reports that BitMine now holds 566,800 ETH, positioning it as the largest Ethereum treasury corporation—surpassing SharpLink Gaming, which holds 360,800 ETH.
Last week, BitMine was acquired for $182 million. Despite the acquisition and transition into an Ethereum treasury, BitMine’s stock saw heavy volatility—initially plummeting over 27% before closing down 11.78% on the day.
In contrast, ARK sold off other crypto-related stocks. Across ARKK, ARKW, and ARKz, the firm raised roughly $15 million through the sale of 186,417 shares of Block Inc. ARKW and ARKF also offloaded 119,090 shares of Robinhood, valued at about $12.7 million. ARKW alone sold 18,204 Coinbase shares, equating to more than $7 million.
ARK’s exposure to blockchain ecosystems continues to evolve. Its Digital Assets Revolutions Fund has entered into a strategic partnership with SOL Strategies, a Canada-based staking provider. The fund—backed by BitGo—will migrate validator operations to SOL Strategies’ infrastructure, which already manages over 3.59 million Solana across five validators and supports more than 5,700 participant wallets.
Highlighted Crypto News Today:
CoinDCX CEO Firmly Rejects $900 Million Coinbase Acquisition Reports
Source: https://thenewscrypto.com/ark-invest-deepens-bet-on-bitmine-amid-ethereum-treasury-surge/