Cathie Wood’s ARK Invest has boosted its stake in Tom Lee’s Ether treasury firm, BitMine, while decreasing its investment in Tesla. Recent trading disclosures reveal that ARK acquired 48,454 shares of BitMine, valued at approximately $2 million, across three ETFs: ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW). Since BitMine began accumulating Ether as a treasury asset in April, ARK has steadily increased its investment. BitMine shares rose 7.65% to $40.23 in after-hours trading, marking a 415% increase this year. Conversely, ARK sold about 71,638 Tesla shares, worth around $30 million, as Tesla’s stock fell 3.68%. This decision follows Tesla shareholders approving CEO Elon Musk’s substantial pay package, which could enhance his control over the company. BitMine currently faces approximately $2.1 billion in unrealized losses due to the recent downturn in the crypto market, holding nearly 3.4 million ETH. Read more AI-generated news on: https://app.chaingpt.org/news

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