Cathie Wood, founder and CEO of ARK Invest, has made adjustments to the portfolios of her funds, focusing on investments in Bitmine Immersion Technologies.
Changes in ARK Invest Portfolios
The ARK Innovation ETF, Next Generation Internet ETF, and Fintech Innovation ETF sold 218,986 shares of Coinbase worth around $90.5 million and 463,293 shares of gaming giant Roblox worth $57.7 million. The shift in stocks occurs against a backdrop of increasing interest in Ethereum.
Bitmine's Shift to Ethereum
The recent acquisition of shares in Bitmine Immersion Technologies consisted of 4.4 million shares worth around $174 million. This marks the first purchase of Bitmine shares since its decision to transition to Ethereum. The company’s shares are now part of the funds’ portfolios and represent about 1.5% of each ETF.
Structure of ARK Invest Funds
The ARKK fund, with $6.8 billion in assets, continues to focus on tech companies like Tesla, while ARKW and ARKF have more diversified portfolios with an emphasis on cloud infrastructure and fintech, including major players like Robinhood and Circle.
Cathie Wood's strategic changes reflect a reorientation of ARK Invest's investments, indicating a growing interest in Ethereum and its ecosystem.
