ARK Invest Adds $15.6 Million More to Bitmine Holdings
Cathie Wood’s ARK Invest recently bought an extra $15.6 million worth of Bitmine shares, strengthening the ARK fund’s position in the company. This acquisition has pushed ARK’s total investment in Bitmine past $300 million, reflecting ARK’s bullish outlook on crypto stocks.
The shares were bought across ARK’s three flagship funds:
- The ARK Innovation ETF (ARKK) acquired 227,569 shares.
- ARK Next Generation Internet ETF (ARKW) purchased 70,991 shares.
- ARK Fintech Innovation ETF (ARKF) holds 40,553 shares.
This move demonstrates ARK’s ongoing confidence in ETH treasury firms, as Bitmine recently reported its Ether holdings valued at $7.5 billion.
ARK Invest’s Broader Crypto Stock Strategy
ARK Invest is also increasing stakes in other crypto-related companies:
- Bullish: $21.2 million added to crypto firms.
- ARK funds purchased $16.2 million of Robinhood Markets stock.
- Earlier this month, a block trade of $19.2 million was executed.
The aggressive buying aligns with ARK’s strategy of backing disruptive technologies and high-growth blockchain companies.
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Bitmine Shares Dip Despite Year-to-Date Gains
Despite ARK’s buyout, Bitmine shares fell 8% on Wednesday to $45.01 after-hours. However, the stock remains up 490% year-to-date, showing strong long-term growth.
Bitmine’s quarterly report revealed revenue of $2.05 million, a 67.5% increase year-over-year, and net profit margins surged 43% in the latest quarter.
Why ARK Invest’s Move Matters
ARK Invest’s increased stake highlights confidence in ETH treasury companies and crypto infrastructure firms. Institutional investors appear convinced of the potential in crypto equities, continuing to buy even amid market volatility.
⚡ Bottom Line:
With its $15.6 million addition, ARK Invest reinforces its commitment to crypto equities and ETH treasury firms, signaling optimism in the long-term growth of blockchain-based financial infrastructure.
