ARK Invest Increases Stake in BitMine Amid Stock Struggles
- ARK Invest purchased over $20 million worth of BitMine shares across three ETFs, acquiring a total of 572,853 shares.
- BitMine’s Ether (ETH) holdings surpassed $2 billion in just 16 days, making it the largest Ether treasury firm with 566,800 ETH.
- Despite the investment, BitMine’s stock fell nearly 27% on Monday before closing down by approximately 11%.
- ARK also sold significant positions in crypto-related stocks, including $15 million in Block Inc., $12.7 million in Robinhood, and nearly $7 million in Coinbase.
- ARK partnered with SOL Strategies to manage staking for its Digital Assets Revolutions Fund.
The recent moves by ARK Invest highlight a strategic shift towards Ethereum assets while simultaneously reducing exposure to other crypto-linked stocks amid market volatility.
As ARK added over $20 million in BitMine shares, the firm’s overall strategy reflects a focus on Ethereum treasuries despite BitMine’s stock facing significant declines of around 11%.
