ARK Invest Boosts Crypto Bets: BitMine and Bullish Buys
ARK Invest Deepens Crypto Investment
Cathie Wood's ARK Invest demonstrated its continued bullish stance on crypto-related assets by investing over $23.5 million in BitMine Immersion Technologies (BMNR) and crypto exchange Bullish on Friday. These acquisitions were made across three of ARK's actively managed Exchange Traded Funds (ETFs): the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
Investment Breakdown
- Total Acquisition: More than $23.5 million worth of BitMine and Bullish shares
- BitMine (BMNR): 387,000 shares purchased collectively
- Bullish: 144,000 shares purchased collectively
- ARKK: Acquired the lion's share, adding 257,108 BitMine shares and 81,811 Bullish shares.
- ARKW & ARKF: Split the remaining shares.
Portfolio Adjustments
Alongside these strategic additions, ARK Invest also trimmed its positions in DraftKings, Roku, Roblox, and chipmaker Teradyne.
BitMine's Market Position
BitMine currently holds a significant position as ether's largest treasury firm, controlling 1.87 million ETH. However, its shares experienced a slight downturn, dropping 0.3% during Friday's trading session and an additional 1.17% in after-hours trading.
Bullish's Performance
Bullish, after going public in August through a $1.1 billion IPO, saw its stock gain 6% on Friday, continuing its momentum from its initial debut. However, it also experienced a 1.5% dip in after-hours trading.
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