ARK Invest Increases BitMine Shares Amid Ether Holdings Growth While Reducing Coinbase and Robinhood Exposure
Main Idea
ARK Invest increased its stake in BitMine Immersion Technologies by over $20 million while reducing holdings in Coinbase, Block, and Robinhood, reflecting a strategic shift in its crypto portfolio.
Key Points
1. ARK Invest purchased over $20 million in BitMine shares across ARKK, ARKW, and ARKF ETFs, following BitMine's announcement of surpassing $2 billion in Ether holdings.
2. ARK Innovation ETF (ARKK) led the purchase with 401,318 BitMine shares, while ARKW and ARKF added 128,048 and 43,487 shares respectively.
3. ARK Invest reduced its holdings in Block Inc. by 186,417 shares (around $15 million), Robinhood by 119,090 shares ($12.7 million), and Coinbase by 18,204 shares (nearly $7 million).
4. Following ARK's sales, Robinhood shares rose 1.83%, while Block and Coinbase shares declined by 3.11% each.
5. ARK Invest partnered with SOL Strategies for Solana staking, leveraging SOL Strategies' infrastructure for its Digital Assets Revolutions Fund.
Description
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