Cathie Wood’s ARK Offloads Coinbase and Roblox to Back Tom Lee’s ETH Venture
Main Idea
Ethereum is experiencing significant institutional demand, with companies like Bitmine Immersion Technologies and Bit Digital Inc. shifting focus to ETH, while ARK Invest reallocates its portfolio by selling Coinbase and Roblox shares in favor of Bitmine.
Key Points
1. ARK Invest sold 218,986 shares of Coinbase (COIN) stock, valued at approximately $90.5 million, and removed 463,293 shares of Roblox (RBLX) from its portfolio.
2. ARK Invest acquired 4.4 million shares of Bitmine Immersion Technologies (BMNR), valued at approximately $174 million, now comprising 1.5% of each of its ETFs.
3. Bit Digital Inc. shifted from Bitcoin mining to an Ethereum-native treasury, accumulating approximately 100,603 ETH after raising $172 million in public equity.
4. Bitmine Immersion Tech, led by Tom Lee, is valued at $1.1 billion and holds 360.6K ETH, trailing only SharpLink Gaming in ETH holdings.
5. The article highlights institutional moves favoring Ethereum, including portfolio reallocations and treasury shifts by major companies.
Description
The global asset manager has taken a surprising step by shuffling some of its assets under management. Meanwhile, ether has been experiencing significant institutional demand, driven by the growing popularity of companies focusing on building ETH treasuries. Restructuring of Assets The CEO and founder of investment management firm ARK Invest, Cathie Wood, has shifted the company’s portfolios, selling various shares in favor of the ETH treasury company, Bitmine Immersion Technologies (BMNR), helm...
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