ARK Invest, led by Cathie Wood, has once again made headlines in the crypto market by acquiring over $20 million worth of shares in BitMine Immersion Technologies.
ARK Invest Increases Stake in BitMine
ARK Invest’s daily trading report revealed that three of its funds participated in the purchase of BitMine shares. The ARK Innovation ETF (ARKK) bought 401,318 shares, ARKW followed with 128,048 shares, and ARKF added another 43,487 shares. In total, the investment firm bought 572,853 shares of BitMine Immersion Technologies. While ARK was buying BitMine, it also cut back on other crypto-related stocks, selling 186,417 shares of Block Inc. valued at around $15 million.
Partnership with SOL Strategies to Support Staking
ARK Invest also announced a partnership with SOL Strategies, a Canadian firm specializing in crypto staking. SOL Strategies will now serve as the exclusive staking provider for ARK’s Digital Assets Revolutions Fund.
BitMine's Stock Struggles Despite Strong Ethereum Reserves
This new investment came just after the mining company announced that it now holds over $2 billion in Ethereum. In just 16 days, the company’s crypto holdings soared to 566,800 ETH, reportedly making BitMine the largest Ethereum treasury holder in the world. Despite its growing Ethereum reserves, BitMine’s stock price saw a significant drop on Monday, losing nearly 27% before recovering some ground to close down by 11.78%.
ARK's investment in BitMine highlights the firm's long-term confidence despite stock volatility and challenges present in the crypto market.
