ARK Invest, led by Cathie Wood, continues active purchases of BitMine Immersion and Nvidia stocks alongside sales of shares from crypto firms like Coinbase and Robinhood.
Increased Stake in BitMine Immersion
ARK Invest purchased 572,853 shares of BitMine Immersion worth over $20 million. This company, backed by Tom Lee, has become the largest treasury company on Ethereum, with ETH holdings exceeding $2.1 billion.
Cathie Wood considers ARK's investments in BitMine a "vote of confidence" in the company. The ARK Innovation ETF (ARKK) increased its stake to 0.193%, while the Ark Next Generation Internet ETF (ARKW) reached 0.194%.
Acquisition of Nvidia Stocks
ARK Invest also purchased shares of Nvidia as the stock price continues to hit new all-time highs. The ARK Autonomous Technology & Robotics ETF (ARKQ) bought 17,869 shares, and the ARK Space Exploration & Innovation ETF (ARKX) acquired 9,255 shares. ARK continues to accumulate investments in artificial intelligence.
Sales of Coinbase and Robinhood Stocks
ARKK reduced its stake in Block Inc. by selling 134,833 shares, while also offloading stakes in Coinbase and Robinhood worth $90.6 million and $11.46 million, respectively. Amidst declining estimates for EPS and revenue for Q2, analysts maintain a 'moderate buy' rating for both stocks, anticipating a peak in Bitcoin prices by the end of Q3.
Cathie Wood and ARK Invest continue to actively manage their portfolio, increasing stakes in promising companies like BitMine and Nvidia while reducing positions in less successful crypto-related activities.
