Ethereum News Today: Ark Invest Shifts Strategy Buys 4.4 Million BitMine Shares

Cathie Wood’s Ark Invest has made a significant shift in its crypto-focused investment strategy, reducing its holdings in Coinbase, Robinhood, and Block while increasing its stake in BitMine Immersion, an Ethereum-focused treasury firm. According to Ark’s July 21 trading disclosures, the firm added 4.4 million BitMine Immersion (BMNR) shares to three of its actively managed exchange-traded funds (ETFs). This move marks a strategic pivot as institutional interest in Ethereum treasury strategies continues to rise.

The breakdown of the purchase shows Ark Innovation ETF (ARKK) acquiring 2,937,432 BMNR shares, Ark Next Generation Internet ETF (ARKW) taking 927,898 shares, and Ark Fintech Innovation ETF (ARKF) adding 555,704 shares. Though the exact acquisition value wasn’t disclosed, BMNR closed at $39.57 on July 21. Based on that price, Ark’s total investment likely approaches $175 million.

BitMine Immersion has emerged as a major player in Ethereum treasuries. Data from Strategic ETH Reserve ranks the firm as the largest Ethereum holder, with more than 300,000 ETH. It currently outpaces other major holders, such as SharpLink and the Ethereum Foundation, which hold over 280,000 and roughly 234,000 ETH, respectively.

In tandem with its BitMine acquisition, Ark Invest has reduced exposure to three prominent crypto-linked stocks. The firm sold 218,986 shares of Coinbase for roughly $90.6 million, 109,824 shares of Robinhood for $11.46 million, and 90,061 shares of Block for about $7 million. These sales spanned across ARKK, ARKW, and ARKF. The portfolio adjustment aligns with Ark’s strategy of taking profits on outperforming assets and reallocating capital toward emerging opportunities.

Coinbase’s stock has rallied in recent weeks, briefly surpassing a $100 billion market cap. This rally was fueled by excitement about improved regulatory progress after the US Congress passed key crypto bills. Meanwhile, Robinhood shares also surged, gaining over 16% during the past week thanks to optimism around its tokenized equities and new crypto offerings. Additionally, Block gained investor attention after being added to the S&P 500 index, making it the second crypto-centered company after Coinbase to achieve the distinction.