ARK Invest Buys $20M in BitMine Despite Stock Slide
Major ETF Manager Increases Exposure to Ethereum Treasury Specialist
ARK Invest, known for its bold investments in disruptive technologies, significantly increased its position in BitMine Immersion Technologies on Monday, acquiring more than $20 million worth of shares across its three actively managed ETFs.
ARK Holdings Breakdown:
- ARK Innovation ETF (ARKK) acquired 401,318 shares
- ARK Web ETF (ARKW) purchased 128,848 shares
- ARK Futures ETF (ARKF) bought 43,487 shares
In total, the investment vehicle added 572,853 shares of BitMine to its portfolio.
This decisive market entry coincided with BitMine’s announcement that its Ethereum holdings surpassed $2 billion within a 16-day period, solidifying its position as the largest ETH treasury holder with 566,800 ETH.
Notable ARK Transactions
The timing follows ARK Invest’s previous $182 million investment in BitMine last week, though the company’s stock subsequently experienced volatility.
BitMine’s stock plunged 27% on Monday, though it recovered to a 11.78% decline at market close.
Portfolio Redistribution
Simultaneously, ARK reduced its exposure to other cryptocurrency-related stocks, offloading:
- 186,417 shares of Block Inc. (worth ~$15M)
- 119,990 shares of Robinhood (worth ~$12.7M)
- 18,204 shares of Coinbase (worth $7M)
Strategic Digital Asset Allocation
Validation Infrastructure Partnership
ARK has expanded its crypto infrastructure strategy by signing an exclusive partnership agreement with SOL Strategies, a Canada-based Solana staking provider.
This collaboration will manage ARK’s Digital Assets Revolutions Fund’s validator operations through SOL Strategies’ infrastructure.
SOL Strategies
- Manages 3.59 million SOL
- Operates across five validators
- Supports 5,700+ wallets
- BitGo provides secondary infrastructure
“The fund will transition its validator operations to SOL Strategies’ infrastructure.” — Leah Wald, SOL Strategies CEO
