Cathie Wood’s Ark Invest has significantly boosted its crypto exposure this week by purchasing a combined $35.3 million worth of BitMine Immersion Technologies shares in just two days. According to Ark’s latest trading disclosures, the firm added $15.3 million in BitMine stock on Tuesday, following a $20 million purchase on Monday.
- ARK Innovation ETF (ARKK) picked up 323,186 shares,
- ARK Next Generation Internet ETF (ARKW) purchased 104,244 shares, and
- ARK Fintech Innovation ETF (ARKF) acquired 50,068 shares.
The same day, ARKF also offloaded 18,843 shares of Jack Dorsey’s Block Inc., valued at $1.47 million, marking a shift in the firm’s portfolio allocation.
These aggressive moves follow last week’s $182 million investment by Ark Invest in BitMine, where the firm bought 4,773,444 common shares. This brings Ark’s total recent exposure to over $217 million in BitMine stock.
BitMine’s rising appeal among institutional investors stems from its explosive growth in Ethereum holdings. “At BitMine, we surpassed $2 billion in ETH holdings, just 16 days after closing on the initial $250 million private placement,” said Thomas Lee, chairman of BitMine’s board of directors. “We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.”
Despite the bullish sentiment from Ark Invest, BitMine’s stock closed at $32 on Tuesday, reflecting an 8.86% drop. The stock has declined 20.65% over the past five days, although it’s still up an impressive 650.29% over the past month, according to Yahoo Finance.
Ark Invest’s continued rebalancing indicates a firm commitment to cryptocurrency-related assets, particularly those with direct Ethereum exposure. The selloff of Block Inc. shares may also reflect a strategic pivot from fintech infrastructure toward core digital asset holdings.
As the broader market navigates volatility, Ark’s moves suggest confidence in BitMine’s staking strategy and long-term growth, especially as institutional interest in ETH and staking-based income models continues to rise.
