Ark Invest Boosts Crypto Holdings with $23.77M in Bitmine, Bullish Shares

Cathy Wood, the prominent fund manager at Ark Invest, has further bolstered her firm's involvement in the cryptocurrency sector by acquiring additional shares in Bitmine Immersion Technologies (BMNR.US) and Bullish (BLSH.US). Bitmine Immersion Technologies is focused on Ethereum mining and cryptocurrency asset management, while Bullish operates the digital asset spot and derivatives exchange, Bullish Exchange.

These investments were executed through multiple funds managed by Ark Invest, including the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF). On September 5, these three funds collectively purchased 387,000 shares of Bitmine Immersion Technologies, valued at approximately $16.27 million, bringing the total investment in BMNR to $283.57 million. On the same day, they also acquired around 144,000 shares of Bullish, valued at approximately $7.5 million.

This strategic move by Ark Invest highlights the firm's ongoing confidence in the cryptocurrency sector, particularly in companies involved in Ethereum mining and digital asset trading. The increased investment in Bitmine Immersion Technologies and Bullish reflects a broader trend of institutional interest in the cryptocurrency market, as more traditional investment firms seek to capitalize on the growing demand for digital assets.

In contrast, Ark Invest reduced its holdings in several other companies. The three funds collectively sold over 122,700 shares of DraftKings, valued at approximately $5.5 million, and around 112,500 shares of Roku, valued at approximately $10.7 million. Additionally, they disposed of approximately 47,000 shares of Teradyne from the ARK Innovation ETF and a combined total of around 35,000 shares of Roblox from the ARK Next Generation Internet ETF and the ARK Fintech Innovation ETF.

This shift in investment strategy by Ark Invest underscores the firm's commitment to the cryptocurrency industry, despite the volatility and uncertainty that often characterize this sector. By increasing its exposure to companies like Bitmine Immersion Technologies and Bullish, Ark Invest is positioning itself to benefit from the long-term growth potential of digital assets. This move also signals to the broader investment community that the cryptocurrency market is becoming increasingly attractive to institutional investors, who are looking for new opportunities to diversify their portfolios and generate returns in a rapidly evolving financial landscape.