Cathie Wood’s ARK Invest has doubled down on its bet on Ethereum by buying $15.6 million worth of 339,113 shares in Bitmine Immersion Technologies (BMNR), a Tom Lee–backed company, on Wednesday.
The purchase was made across three of ARK’s funds: ARK Innovation ETF (ARKK) bought 227,569 shares, ARK Next Generation Internet ETF (ARKW) acquired 70,991 shares, and ARK Fintech Innovation ETF (ARKF) added 40,553 shares.
This latest buy brings ARK’s total Bitmine investment above $300 million. That makes it nearly half the size of ARK’s stake in Coinbase (COIN), worth about $676 million, even after trimming 5,721 Coinbase shares last week.
ARK first began buying heavily into Bitmine on July 21, when it snapped up $182 million worth in a single day, followed by another $17 million purchase on Aug. 2. The continued buying spree shows Cathie Wood’s strong conviction in the company, which holds $7.5 billion in Ethereum (ETH) on its balance sheet.
Tom Lee, the well-known strategist and co-founder of Fundstrat Global Advisors, has been bullish on Ethereum’s long-term growth. Analysts say the company reflects broader investor sentiment that capital is slowly shifting focus from Bitcoin (BTC) toward Ethereum (ETH).
However, the market didn’t cheer Wednesday’s purchase. As per the yahoo finance, Bitmine shares fell nearly 8%, closing at $46.03, and slipped further to $45.01 after-hours. Despite the drop, the stock is still up an eye-popping 530% year-to-date.
ARK Invest Other Portfolio Moves
Beyond Bitmine, ARK shuffled other holdings. It sold $12.7 million of DraftKings (DKNG), unloading 266,072 shares across three ETFs. The offload came despite the sports betting firm just reportied record Q2 revenue of $1.51 billion, up 37% year-over-year.
ARK also trimmed 85,278 shares of Roku, while doubling down on biotech by buying 124,275 shares of CRISPR Therapeutics and 185,200 shares of Intellia Therapeutics.
On August 20, ARK Invest bought 356,346 shares of Bullish (BLSD) for about $21.2 million and 150,908 shares of Robinhood Markets (HOOD) worth $16.2 million.
Also Read: BitMine Expands Ethereum Treasury to 1.71M ETH Worth $7.9B
