Cathie Wood, CEO of ARK Invest, is adjusting the firm's fund portfolios by reallocating some crypto and fintech stocks towards an Ethereum treasury company led by Tom Lee of Fundstrat. The ARK Innovation ETF, Next Generation Internet ETF, and Fintech Innovation ETF have divested 218,986 shares of Coinbase, valued at approximately $90.5 million, and 463,293 shares of Roblox, worth about $57.7 million. Concurrently, these funds acquired 4.4 million shares of Bitmine Immersion Technologies, Lee's Ethereum treasury firm, totaling around $174 million, which now represents 1.5% of each ETF's portfolio. This marks Wood's first investment in Bitmine since its shift to Ethereum, with the stock surging over 3,000% after the announcement. Although it has since decreased to $39.57, it remains up over 400% year-to-date. The ARKK fund, with $6.8 billion in assets, continues to heavily invest in tech companies like Tesla, while the ARKW and ARKF funds maintain significant positions in Robinhood, Coinbase, and other fintech firms. Read more AI-generated news on: https://app.chaingpt.org/news