ARK Invest, under the leadership of Cathie Wood, took advantage of price declines in BitMine and Bullish stocks, increasing their positions by over $23 million.
ARK's Investment in BitMine
As of the closing price of BitMine (BMNR) at $42.04 on September 5, 2023, ARK's three funds spent a total of $16.28 million:
* ARKK: Bought 257,108 shares of BMNR for approximately $10.81 million. * ARKW: Bought 83,082 shares of BMNR for approximately $3.49 million. * ARKF: Bought 47,135 shares of BMNR for approximately $1.98 million.
ARK's Investment in Bullish
ARK not only added to its BMNR position but also increased investments in Bullish (BLSH), a cryptocurrency exchange targeting institutional investors that combines DeFi protocols with the security of centralized companies. Based on the closing price of BLSH at $52.35, the three funds invested a total of $7.53 million:
* ARKK: Bought 81,811 shares of BLSH for approximately $4.28 million. * ARKW: Bought 39,597 shares of BLSH for approximately $2.07 million. * ARKF: Bought 22,498 shares of BLSH for approximately $1.18 million.
Future Prospects for BitMine and Bullish Stocks
The stock prices of both companies have fluctuated significantly. BitMine announced its transformation into an Ethereum (ETH) reserve company, and its stock once rose to $161. Meanwhile, Bullish's stock reached $118 on its IPO day in August. Currently, BitMine's stock has dropped to $42.04, and Bullish has even fallen to $47.88 at one point. Whether new catalysts will emerge to drive the stocks of these two companies up again remains to be seen.
ARK Invest is actively increasing its positions in BitMine and Bullish, but the market situation remains volatile, making the future of these stocks uncertain.
