ARK Invest, the investment firm led by Cathie Wood, significantly increased its exposure to BitMine Immersion Technologies, purchasing over $20 million worth of shares across its flagship exchange-traded funds (ETFs), concurrently reducing stakes in Coinbase Global Inc. (COIN), Block Inc. (SQ), and Robinhood Markets Inc. (HOOD). This shift underscores a strategic pivot within ARK’s cryptocurrency and fintech portfolio.
The acquisitions targeted BitMine shares following the company’s announcement of exceeding $2 billion worth of Ether holdings. ARK Innovation ETF (ARKK) led the buying, acquiring 401,318 shares. ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) added 128,048 and 43,487 BitMine shares, respectively, amounting to total investments surpassing $20 million.
Simultaneously, ARK executed notable sales in other key holdings. The firm shed 186,417 Block shares, valued at approximately $15 million. It also sold 119,090 Robinhood shares, worth around $12.7 million, and reduced its Coinbase position by 18,204 shares, translating to nearly $7 million divested.
Market reactions to ARK’s divestments were mixed following the trades: Robinhood shares climbed 1.83%, while Block and Coinbase shares each declined 3.11%.
In a separate strategic move, ARK Invest announced a partnership with SOL Strategies. This collaboration leverages SOL Strategies’ infrastructure for staking Solana (SOL) tokens within ARK’s Digital Assets Revolution Fund, enhancing the fund’s capabilities within the Solana ecosystem.