Cathie Wood sells Coinbase, Roblox shares for Tom Lee’s ETH firm
Main Idea
ARK Invest, led by Cathie Wood, has restructured three of its ETFs by selling shares in Coinbase and Roblox to acquire a 1.5% stake in Ethereum treasury firm Bitmine, reflecting a strategic pivot towards Ethereum.
Key Points
1. ARK Invest sold 218,986 Coinbase shares worth $90.5 million and 463,293 Roblox shares worth $57.7 million across its ARK Innovation, Next Generation Internet, and Fintech Innovation ETFs.
2. The firm purchased 4.4 million shares of Bitmine Immersion Technologies (BMNR) worth $174 million, now making up 1.5% of each ETF's portfolio.
3. Bitmine's stock surged over 3,000% to an all-time high of $135 after announcing a shift from Bitcoin to Ethereum, though it has since cooled to $39.57.
4. Billionaire Peter Thiel acquired a 9.1% stake in Bitmine last week.
5. The ARKF fintech-themed fund has minor Ethereum exposure, with 1.15% allocated to the 3IQ Ether Staking ETF.
Description
ARK Invest has restructured three ETFs, selling Coinbase and Roblox shares to buy 1.5% stakes in Ethereum treasury firm Bitmine across its portfolios.
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