ARK purchased 339,113 shares of BitMine across three investment funds on Wednesday.
BitMine's total investments have exceeded $300 million since the start of acquisitions in July.
ARK Invest, led by Cathie Wood, has significantly increased its investments in cryptocurrencies by acquiring new shares worth $15.6 million from BitMine Immersion Technologies. This strategic purchase enables ARK to invest over $300 million in the Ethereum treasury management company across three major investment funds. This recent action supports ARK's optimistic approach towards blockchain technology and Ethereum-related investment opportunities in the changing digital asset environment.
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A strategic push for investment in cryptocurrencies
Y$BTC
On Wednesday, ARK Invest purchased new shares worth $15.6 million from BitMine Immersion Technologies, bringing its total investments to over $300 million. The investment firm distributed these purchases across three major investment funds, with ARKK acquiring 227,569 shares, ARKW acquiring 70,991 shares, and ARKF acquiring 40,553 shares.
This recent purchase demonstrates that ARK has strong faith in Ethereum-based businesses, with the value of its investments in BitMine representing nearly half of its investment in Coinbase. Recent changes in the firm's portfolio, which included selling 5,721 shares, brought its total investments in Coinbase to approximately $676 million.
Wood's investment process in BitMine began when ARK first purchased $174 million worth of shares across the three funds in a single trading day, July 21. On August 2, the firm added to this position with a second acquisition of $17 million, making BitMine a key component of its portfolio.
ARK's investment strategy is indicative of an optimistic stance towards companies with significant Ethereum treasury holdings, especially as BitMine's holdings recently exceeded $7.5 billion. The firm focuses on innovative technology investments in blockchain, artificial intelligence, and genetic engineering.
In addition to BitMine, ARK has actively worked to expand its holdings in cryptocurrency-related stocks throughout August. On August 20, it purchased rising shares worth $21.2 million and shares from Robinhood Markets worth $16.2 million, bringing its total holdings in Robinhood to approximately $543 million.
In March, ARK purchased $19.2 million worth of shares from Block, marking its first acquisition in a long time, signaling a renewed confidence in payment technology companies.
The performance of BitMine's stock fluctuated on Wednesday. Regular trading closed at $46.03, down 8%, followed by another decline of 2.22% in after-hours trading. The stock has recently shown weakness but has achieved annual returns of 490%, due to investor enthusiasm for investing in Ethereum.
The company's recent quarterly performance recorded revenues of $2.05 million, an increase of 67.5% compared to the same quarter last year. Net profit margins rose by 43% during the same period, reinforcing core growth and rising treasury bond values.
ARK's focus on the BitMine platform highlights institutional demand for indirect investment in Ethereum through publicly traded companies that hold large amounts of digital currencies.