Cathie Wood’s ARK invest buys another $15M of ETH firm BitMine

Cathie Wood’s ARK Invest bought another $15.6 million of shares in Bitmine Immersion Technologies (BMNR), bringing its total investment in the company to more than $300 million.

ARK Invest bought the shares on Wednesday across its three funds, with ARK Innovation ETF (ARKK) buying 227,569 shares, followed by ARK Next Generation Internet ETF (ARKW) with 70,991 shares and ARK Fintech Innovation ETF (ARKF), which bought 40,553 shares. 

ARK Invest’s BitMine holdings, which can also be seen as a bet on Ether, are now almost half the size of its investment in Coinbase. 

The company holds nearly $676 million worth of COIN after selling 5,721 COIN shares last week.

Cathie Wood started buying up BitMine on July 21, purchasing $174 million of its shares across three funds in a single day. It bought another $17 million worth of BMNR stock across its funds on Aug. 2.

ARK Invest is known to make big bets on disruptive technology such as blockchain, artificial intelligence, gene editing and more. The company’s latest purchases could reflect its bullish take on ETH treasury companies as Bitmine’s ETH holdings recently reached the $7.5 billion mark.

Crypto stocks additions

ARK Invest has also been aggressively acquiring other crypto-related equities.

The company added to its existing positions over the past week, buying $21.2 million worth of Bullish stock and $16.2 million worth of Robinhood Markets on Aug. 20.

As of Wednesday, ARK Invest held around $543 million worth of Robinhood stock across its funds.

Earlier this month, the company bought $19.2 million worth of Block shares after a prolonged period of selling the stock.

Bitmine shares fall

Bitmine shares ended Wednesday’s trading session at $46.03, falling nearly 8%. The shares fell another 2.22% to end the after-hours trading session at $45.01, according to Google Finance.

Despite the downturn on Wednesday, the stock is still up 490% year-to-date.

During the quarter ended May, the company reported its revenue at $2.05 million, an increase of 67.5% from the same quarter the year prior, while its net profit margin increased by 43% during the same period.