Cathie Wood's ARK Invest continues to increase its allocation in cryptocurrency stocks, adding shares of BitMine Immersion Technologies and cryptocurrency exchange Bullish to its flagship ETFs.
According to trading disclosures on Friday, the ARK Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF) collectively purchased over 387,000 shares of BitMine and 144,000 shares of Bullish.
Based on recent market prices, these purchases correspond to approximately $16 million in BitMine stock and $7.5 million in Bullish stock.
The largest purchase of BitMine came from ARKK, totaling 257,108 shares, followed by ARKW with 83,082 shares and ARKF with 47,135 shares. For Bullish, ARKK also led with 81,811 shares purchased, while ARKW and ARKF increased their holdings by 39,597 shares and 22,498 shares, respectively.
This latest allocation follows ARK's actions in August of this year, when the firm bought 2.53 million shares on Bullish's first trading day, with a total investment of approximately $172 million across the three ETFs.
Bullish's stock price surged 83.8% on its IPO day, raising $1.1 billion, making it one of the most notable IPOs in the cryptocurrency sector this year.
Bullish owns CoinDesk and operates a global cryptocurrency exchange. After a failed SPAC deal in 2021, the company went public through a traditional IPO. Currently, Bullish has regulated entities in Hong Kong, Gibraltar, Singapore, the UK, and other jurisdictions.
On Thursday, BitMine, the largest corporate holder of Ethereum (ETH), completed six over-the-counter transactions through Galaxy Digital, acquiring an additional $65 million worth of Ethereum (ETH). This acquisition increased BitMine's Ethereum holdings to over 1.5% of the circulating supply, all purchased in cash and without using leverage.
This purchase comes as centralized exchanges have seen Ethereum supply significantly tighten since 2022 due to continued accumulation by institutions and ETF activities, with reserves down by 38%.
Related: Bitcoin whales have sold the largest amount since mid-2022, with 115,000 BTC offloaded.
Original article: “ARK Invest Increases Cryptocurrency Allocation: $16 Million Purchase of BitMine Stock, $7.5 Million Increase in Bullish Shares”
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