Cathie Wood’s ARK Invest has recently acquired an additional $15.6 million in shares of Bitmine Immersion Technologies (BMNR), raising its total investment in the company to exceed $300 million.
On Wednesday, ARK Invest purchased the shares through its three funds: ARK Innovation ETF (ARKK) acquired 227,569 shares, ARK Next Generation Internet ETF (ARKW) bought 70,991 shares, and ARK Fintech Innovation ETF (ARKF) purchased 40,553 shares.
Notably, ARK Invest’s holdings in BitMine, viewed as a bet on Ether, now constitute nearly half of its investment in Coinbase.
The firm currently possesses approximately $676 million worth of COIN after divesting 5,721 COIN shares last week.
Cathie Wood initiated her investments in BitMine on July 21, with a purchase of $174 million in shares across three funds on that day. An additional $17 million worth of BMNR stock was acquired across its funds on Aug. 2.
ARK Invest is recognized for its significant investments in disruptive technologies such as blockchain, artificial intelligence, gene editing, and more. The most recent acquisitions may indicate its optimistic outlook on ETH treasury companies, given that Bitmine’s ETH holdings recently surpassed $7.5 billion.
Crypto stocks additions
ARK Invest has been actively expanding its portfolio with other crypto-related equities.
In the past week, the company increased its positions by purchasing $21.2 million in Bullish stock and $16.2 million in Robinhood Markets on Aug. 20.
Related: ARK Invest grabs $172M in Bullish shares as stock jumps 84% on debut
As of Wednesday, ARK Invest held about $543 million in Robinhood stock across its various funds.
Earlier this month, the firm acquired $19.2 million worth of Block shares after a lengthy period of divesting the stock.
Bitmine shares fall
Bitmine shares concluded Wednesday’s trading session at $46.03, a drop of nearly 8%; the shares declined an additional 2.22% to settle in after-hours trading at $45.01, according to Google Finance.
Despite the decline observed on Wednesday, the stock has risen 490% year-to-date.
For the quarter ending in May, the company reported revenues of $2.05 million, reflecting a 67.5% increase from the same quarter the previous year, while its net profit margin rose by 43% during the same timeframe.
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