Cathie Wood's ARK Invest has just purchased $15.6 million worth of shares in Bitmine Immersion Technologies (BMNR), bringing its total investment in the company to over $300 million.
On Wednesday, ARK Invest purchased these shares through its three funds: ARK Innovation ETF (ARKK) purchased 227,569 shares, ARK Next Generation Internet ETF (ARKW) purchased 70,991 shares, and ARK Fintech Innovation ETF (ARKF) purchased 40,553 shares.
Notably, ARK Invest's stake in BitMine is also viewed as a bet on Ethereum, now nearing half the size of its investment in Coinbase.
The company holds approximately $676 million in COIN and earlier sold 5,721 shares of COIN.
Cathie Wood began buying BitMine on July 21, purchasing $174 million worth of shares through three funds on that day. On August 2, she bought another $17 million worth of BMNR shares.
ARK Invest is known for betting on disruptive technologies such as blockchain, artificial intelligence, and gene editing. Its latest purchases reflect optimism towards ETH asset companies, while BitMine's ETH holdings have reached $7.5 billion.
Increase crypto stocks
ARK Invest has also been actively purchasing other crypto-related stocks recently.
Last week, the company increased its existing positions, purchasing $21.2 million worth of Bullish shares and $16.2 million worth of Robinhood Markets shares.
As of Wednesday, ARK Invest holds approximately $543 million worth of Robinhood stock through its funds.
Earlier this month, the company purchased $19.2 million worth of Block shares after having sold off the stock for a long time.
BitMine shares drop
BitMine's stock price fell nearly 8% to $46.03 at the close of trading on Wednesday, and fell further by 2.22% to $45.01 in after-hours trading.
Despite the decline on Wednesday, the stock has risen as much as 490% this year.
In the quarter ending in May, the company reported revenue of $2.05 million, an increase of 67.5% year-on-year, with a net profit margin growth of 43% during the same period.
