ARK Invest has resumed active buying of cryptocurrency-related stocks, picking up shares of BitMine Immersion Technologies and Bullish as the broader market pulled back. The firm purchased approximately $5.8 million worth of BitMine stock and around $2.9 million in Bullish shares, adding exposure through several of its exchange-traded funds.
The new allocations come as crypto stocks experienced notable declines. Bullish ended the day down 6.19%, while BitMine fell nearly 6%. Both posted modest rebounds in after-hours trading.
BitMine Enters New Phase as ARK Doubles Down on Crypto Leaders
The recent purchases are part of ARK’s ongoing strategy to build positions in key crypto companies during periods of weakness. Just last week, the firm spent roughly $46 million acquiring Circle shares — its first Circle purchase since June, when ARK exited a large position with a $352 million gain.
BitMine is undergoing significant changes. The company appointed Chi Tsang as its new CEO, replacing Jonathan Bates, and added three independent members to its board. These moves come as BitMine continues to consolidate its position as the largest public holder of Ethereum.
The company now holds more than 3.5 million ETH, valued at over $11 billion. Once primarily a mining operation, BitMine has increasingly transformed into a major institutional Ethereum holder, mirroring the strategy long championed by Michael Saylor in the Bitcoin space.
ARK Invest’s latest moves reflect ongoing institutional interest in the crypto sector, even amid market corrections. The firm continues to take advantage of price declines to expand positions in leading players across the industry.