Investment icon Cathie Wood and her firm ARK Invest are going all-in on Ethereum with a bold new strategy. Instead of traditional favorites like Coinbase and Robinhood, Wood is now turning her attention to Ethereum infrastructure. According to a new filing, ARK has acquired over 4.4 million shares of Bitmine Immersion Technologies (BMNR), a company focused on Ethereum-related infrastructure and operations.
The $175 million investment was distributed across three ARK ETFs – ARK Innovation (ARKK), ARKW, and ARKF – with ARKK holding the largest position at 2.9 million shares.
Ethereum on the Rise as ARK Repositions Its Strategy
This strategic shift comes at a time when Ethereum is experiencing a strong bull run. ETH surged more than 25% over the past week and has outperformed Bitcoin over the past 90 days. It recently reclaimed the critical $3,800 level and is currently trading around $3,660.
Bitmine, the firm ARK is now heavily backing, recently announced plans to acquire up to 5% of Ethereum’s total supply and reportedly holds over $1 billion worth of ETH following a recent $500 million purchase. News of Bitmine's ETH staking initiative caused its stock price to spike as high as $135 before cooling off to around $39 – still up nearly 800% over the last month.
Shedding Coinbase, Robinhood, and Roblox
Cathie Wood is also cleaning house across her portfolio. ARK Invest has sold:
🔹 218,986 shares of Coinbase ($90 million)
🔹 463,293 shares of Roblox ($57.7 million)
🔹 Portions of its holdings in Robinhood and Block
Despite these reductions, Coinbase and Roblox remain the second and third largest holdings in the ARKK fund, just behind Tesla, which represents 9.7% of the total portfolio. On July 15, ARK also increased its position in Tesla by purchasing 115,380 shares worth $36.5 million, split between ARKK and ARKW.
Ethereum Gains Favor Among Institutional Players
The sharp rise in Ethereum’s value, coupled with growing institutional demand and the emergence of ETH-focused ETFs, is reshaping investor sentiment. ARK’s recent moves underscore this trend, suggesting that institutional investors are shifting from “digital gold” (Bitcoin) to “digital oil” (Ethereum). Analysts view this as a strong signal that Ethereum could soon take center stage in the crypto ecosystem.
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