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Changes in Ark Invest's Strategy: Selling Coinbase and Buying Bitmine

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by Giorgi Kostiuk

5 hours ago

Ark Invest, led by Cathie Wood, has announced changes in its investment portfolio by reducing its stake in Coinbase shares while increasing investments in Bitmine Immersion Technologies.

Sale of Coinbase Shares

Ark Invest sold 218,986 shares of Coinbase for $90.6 million. This decision comes amid market fluctuations and regulatory updates in the U.S. crypto sector.

Acquisition of Bitmine Stocks

The fund also acquired shares of Bitmine worth $175 million. Bitmine is known for its substantial Ethereum holdings, making it strategically attractive for Ark Invest.

Shift in Focus to Ethereum

The acquisition of Bitmine shares highlights Ark Invest’s shift towards Ethereum, indicating growing interest from institutional investors in this asset. According to experts, this strategy further illustrates the trends towards portfolio diversification.

The changes in Ark Invest's portfolio may signal a broader institutional trend towards increasing interest in Ethereum, which could affect the future evolution of the cryptocurrency market.

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