Cathie Wood’s ARK Invest has purchased an additional $15.6 million in shares of Bitmine Immersion Technologies (BMNR), raising its total investment in the company to over $300 million.
On Wednesday, ARK Invest acquired the shares across its three funds, with ARK Innovation ETF (ARKK) acquiring 227,569 shares, followed by ARK Next Generation Internet ETF (ARKW) with 70,991 shares, and ARK Fintech Innovation ETF (ARKF), which purchased 40,553 shares.
ARK Invest’s holdings in Bitmine, which can also be interpreted as a wager on Ether, now approach half of its investment in Coinbase.
The firm currently holds nearly $676 million in COIN after divesting 5,721 COIN shares last week.
Cathie Wood initiated her acquisition of Bitmine on July 21, buying $174 million in shares across three funds in a single day. On August 2, she purchased an additional $17 million in BMNR stock through its funds.
ARK Invest is recognized for its substantial investments in disruptive technologies like blockchain, artificial intelligence, and gene editing. The firm’s recent acquisitions might signal its optimistic outlook on ETH treasury companies, particularly as Bitmine’s ETH holdings recently surpassed the $7.5 billion threshold.
Crypto Stocks Additions
ARK Invest has been actively increasing its portfolio of other crypto-related stocks.
The company topped up its existing positions in the past week, acquiring $21.2 million worth of Bullish stock and $16.2 million worth of Robinhood Markets on August 20.
Related: ARK Invest scoops $172M in Bullish shares as stock soars 84% on debut
As of Wednesday, ARK Invest has around $543 million in Robinhood stock across its funds.
Earlier this month, the firm procured $19.2 million worth of Block shares following a lengthy period of selling the stock.
Bitmine Shares Fall
Bitmine shares concluded Wednesday’s trading at $46.03, down nearly 8%. They declined another 2.22% in after-hours trading, closing at $45.01, according to Google Finance.
Despite the decline on Wednesday, the stock remains up 490% year-to-date.
For the quarter ending in May, the company reported revenue of $2.05 million, reflecting a 67.5% increase compared to the same quarter last year, with a 43% rise in net profit margin during the same timeframe.
Magazine: 3 people who unexpectedly became crypto millionaires… and one who didn’t
