Cathie Wood’s Ark Invest has significantly boosted its crypto exposure this week by purchasing a combined $35.3 million worth of BitMine Immersion Technologies shares in just two days. According to Ark’s latest trading disclosures, the firm added $15.3 million in BitMine stock on Tuesday, following a $20 million purchase on Monday.
On Tuesday, Ark Invest acquired shares of BitMine across three of its ETFs:
ARK Innovation ETF (ARKK) picked up 323,186 shares,
ARK Next Generation Internet ETF (ARKW) purchased 104,244 shares, and
ARK Fintech Innovation ETF (ARKF) acquired 50,068 shares.
The same day, ARKF also offloaded 18,843 shares of Jack Dorsey's Block Inc., valued at $1.47 million, marking a shift in the firm’s portfolio allocation.
These aggressive moves follow last week’s $182 million investment by Ark Invest in BitMine, where the firm bought 4,773,444 common shares. This brings Ark’s total recent exposure to over $217 million in BitMine stock.
BitMine’s rising appeal among institutional investors stems from its explosive growth in Ethereum holdings. “At BitMine, we surpassed $2 billion in ETH holdings, just 16 days after closing on the initial $250 million private placement,” said Thomas Lee, chairman of BitMine’s board of directors. “We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.”
Despite the bullish sentiment from Ark Invest, BitMine’s stock closed at $32 on Tuesday, reflecting an 8.86% drop. The stock has declined 20.65% over the past five days, although it's still up an impressive 650.29% over the past month, according to Yahoo Finance.
Ark Invest’s continued rebalancing indicates a firm commitment to cryptocurrency-related assets, particularly those with direct Ethereum exposure. The selloff of Block Inc. shares may also reflect a strategic pivot from fintech infrastructure toward core digital asset holdings.
As the broader market navigates volatility, Ark’s moves suggest confidence in BitMine’s staking strategy and long-term growth, especially as institutional interest in ETH and staking-based income models continues to rise.
The post appeared first on CryptosNewss.com