tl;dr
Cathie Wood’s ARK Invest increased its stake in BitMine Immersion Technologies by purchasing over $20 million in shares across three ETFs, adding 572,853 shares after BitMine surpassed $2 billion in Ether holdings. BitMine's stock dropped nearly 27% before closing down 11.78%. ARK also sold shares i...
Cathie Wood’s ARK Invest increased its stake in BitMine Immersion Technologies by purchasing more than $20 million in shares across three of its ETFs. The ARK Innovation ETF (ARKK) bought 401,318 shares, while ARKW and ARKF acquired 128,048 and 43,487 shares respectively. Altogether, ARK Invest added 572,853 shares of BitMine to its portfolio, following BitMine’s announcement of surpassing $2 billion in Ether holdings within 16 days. BitMine now stands as the largest Ether treasury firm with 566,800 ETH, ahead of SharpLink Gaming.
Despite these purchases, BitMine’s stock faced significant volatility, plunging nearly 27% before closing down 11.78% on the day. This comes shortly after a previous $182 million buy of BitMine shares by ARK. Meanwhile, ARK also reduced its positions in other crypto-linked stocks, selling about $15 million worth of Block Inc. shares, $12.7 million of Robinhood shares, and nearly $7 million of Coinbase shares. Robinhood shares slightly increased by 1.83%, whereas Block and Coinbase shares both declined by over 3%.
In addition to its trading moves, ARK Invest announced a partnership with Canada’s SOL Strategies to become the exclusive staking provider for ARK’s Digital Assets Revolutions Fund. The partnership includes transitioning validator operations to SOL Strategies, which manages over 3.59 million Solana (SOL) tokens across five validators with participation from more than 5,700 wallets. BitGo will also support this collaboration, following its earlier alliance with SOL Strategies.