Cathie Wood's ARK Invest increased its investment in BitMine Immersion Technologies on Monday (July 28) by purchasing over $20 million worth of shares through its three actively managed ETFs.
According to ARK's daily trading disclosure, the ARK Innovation ETF (ARKK) acquired 401,318 shares of BitMine, while ARKW and ARKF purchased 128,048 shares and 43,487 shares, respectively. In total, ARK Invest increased its holdings by 572,853 shares of BitMine.
This large-scale purchase comes as BitMine announced that its Ethereum (ETH) holdings surpassed $2 billion within 16 days. Strategic Ether Reserves shows that BitMine is the largest Ethereum reserve company, holding 566,800 ETH, followed by SharpLink Gaming, which holds 360,800 ETH.
Last week, ARK had just increased its holdings in BitMine stock by $182 million. Despite ARK's increased investment in the Ethereum custodian's stock, BitMine's share price remained under pressure. On Monday (July 28), BitMine's stock price fell nearly 27% at one point, ultimately closing down 11.78%.
ARK also reduced its positions in several other cryptocurrency-related stocks. The company sold a total of 186,417 shares of Block Inc. across ARKK, ARKW, and ARKz, valued at approximately $15 million.
Robinhood was also on the sell list, with ARKW and ARKF collectively selling 119,090 shares, valued at about $12.7 million. Meanwhile, ARKW sold 18,204 shares of Coinbase stock, worth nearly $7 million based on Monday's (July 28) closing price of $379.49.
While Robinhood's stock price rose 1.83% to close at $106.77, Block fell 3.11%, and Coinbase dropped 3.11%.
On Monday (July 28), ARK Invest partnered with Canada-based SOL Strategies to become the exclusive staking provider for its Digital Asset Revolution Fund. The fund holds a basket of selected cryptocurrencies and will transfer its validator operations to SOL Strategies' infrastructure.
SOL Strategies CEO Leah Wald stated that the company manages over 3.59 million Solana (SOL) distributed across five validators, with more than 5,700 participating wallets. BitGo, which partnered with SOL Strategies earlier this year, will also support this collaboration.
Related: NGO Executive: El Salvador's Bitcoin (BTC) reserves have failed to benefit ordinary citizens
Original article: “ARK Invest increases $20 million in BitMine, reduces holdings in Coinbase, Block, and Robinhood stocks”
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