Cathy wood Ark Invest has shifted its crypto-focused investment strategy, reduced its holdings of Coinbase, Robinhood and Block, and supports Bitmine Immersion, a finance company focused on Ethereum.
According to ARK’s July 21 transaction disclosure, the company has added 4.4 million Bit Mine Immersion (BMNR) shares to three actively managed Exchange Sales Funds (ETFs). This shows a prominent strategic pivot as institutional interest in Ethereum financial strategy continues to grow.
Due to the purchase breakdown, ARK Innovation ETF (ARKK) has acquired 2,937,432 BMNR shares, ARK Next Generation Internet ETF (ARKW) has acquired 927,898 shares, and ARK Fintech Innovation ETF (ARKF) has added 555,704 shares.
The exact acquisition value has not been disclosed, but according to Google Finance data, BMNR closed at $39.57 on July 21st. Based on that price, ARK’s total investment could approach $175 million.
Bitmine Immersion has emerged as a major player in Ethereum’s Treasury Department. Data from Strategic Eth Reserve ranks the company as the largest Ethereum holder with over 300,000 ETH.
Currently, it exceeds 280,000, including Sharplink and Ethereum Foundation, each, and outstrips other major owners with around 234,000 ETH.
ARK trims Coinbase, Robinhood and block positions
In conjunction with the Bitmine acquisition, Ark Invest reduced exposure to three notable crypto stocks.
The company sold 218,986 Coinbase shares for approximately $90.6 million, 109,824 Robinhood shares for $11.46 million and 90,061 shares for approximately $7 million. These sales span ARKK, ARKW and ARKF.
Portfolio adjustments are consistent with the strategy of earning profits on ARK’s outperforming assets and redistributing capital towards new opportunities.
Coinbase stocks have recovered in recent weeks, temporarily surpassing its $100 billion market capitalization. The rally was driven by excitement about improving regulatory advancements after the US Congress passed key cryptography bills like the Clarity Act and The Genius Act.
Meanwhile, Robinhood stocks have grown by more than 16% over the past week, thanks to optimism about tokenized stocks and new crypto products in Europe.
Additionally, Jack Dorsey’s block attracted investors’ attention after being added to the S&P 500 index, becoming the second crypto-centric company after Coinbase, achieving the distinction.