Cathie Wood’s Ark Invest picks up BitMine shares and trims Coinbase
A trade filing shows the investment firm picked up $177 million of BitMine, boosting its stock price.
Cathie Wood’s Ark Investment Management LLC increased its exposure to ethereum by loading up on shares of BitMine Immersion Technologies, one of the leading corporate treasury firms of ethereum.
Ark Investment added more than 4.4 million BitMine shares, worth $177 million at current prices, across three of its ETFs: the ARK Innovation ETF, the ARK Fintech Innovation ETF, and the ARK Next Generation Internet ETF, a Monday trade filing shows.
The company also reduced its holdings of exchanges Coinbase and Robinhood Markets, selling $90 million of Coinbase and $11 million of Robinhood.
(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company.)
The moves come less than a week after shares of Coinbase and Robinhood recorded all-time highs following the US House of Representatives passing both the stablecoin-focused GENIUS Act (which President Trump signed into law on Friday) and the market-structure-centered CLARITY Act.
BitMine shares are up 4% on the news and have soared more than 475% year to date.
“We are delighted that Cathie Wood’s ARK Invest is taking a substantial stake in BitMine as she sees the exponential opportunity ahead,” Tom Lee, the chairman of BitMine’s board of directors, said in a press release.
BitMine currently has about 300,700 ethereum tokens, worth roughly $1.1 billion, making it the second-largest corporate ethereum treasury firm, trailing SharpLink Gaming, per StrategicETHReserve.xyz.
