Cathie Wood's ARK Invest has just purchased an additional $15.6 million worth of BitMine Immersion Technologies (BMNR) stock, bringing its total investment in the company to over $300 million.
ARK Invest bought these shares through its three funds on Wednesday, with the ARK Innovation ETF (ARKK) purchasing 227,569 shares, the ARK Next Generation Internet ETF (ARKW) acquiring 70,991 shares, and the ARK Fintech Innovation ETF (ARKF) buying 40,553 shares.
Interestingly, ARK Invest's BitMine holdings (which can also be seen as a bet on Ethereum) now nearly equal half of its investment in Coinbase.
After selling 5,721 shares of COIN stock last week, the company holds nearly $676 million worth of COIN stock.
Cathie Wood began purchasing BitMine shares on July 21, buying $174 million worth of stock in a single day through the three funds. On August 2, the company purchased an additional $17 million worth of BMNR stock through its funds.
ARK Invest is known for making large bets on disruptive technologies such as blockchain, artificial intelligence, and gene editing. The company's latest purchase may reflect its bullish stance on ETH treasury companies, as BitMine's ETH holdings recently surpassed the $7.5 billion mark.
ARK Invest is also actively acquiring other cryptocurrency-related stocks.
The company increased its existing positions over the past week, purchasing $21.2 million worth of Bullish stock and $16.2 million worth of Robinhood Markets stock on August 20.
As of Wednesday, ARK Invest holds approximately $543 million worth of Robinhood stock in its funds.
Earlier this month, after a long-term sell-off of Block stock, the company purchased $19.2 million worth of Block stock.
BitMine shares closed at $46.03 during Wednesday's trading session, down nearly 8%; however, according to Google Finance data, the stock fell another 2.22% in after-hours trading, closing at $45.01.
Despite the drop on Wednesday, the stock is still up 490% year-to-date.
For the quarter ending in May, the company reported revenue of $2.05 million, a 67.5% increase compared to the same period last year, with a net profit margin growth of 43%.
Related: As monthly inflows into U.S. crypto ETFs rebound, REX-Osprey applies to the SEC for a BNB staking ETF
Original article: “Cathie Wood's ARK Invest Increases Holdings in BitMine by $15 Million, Total Holdings Exceed $300 Million”
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