Cathie Wood’s ARK Invest has just bought another $15.6 million of shares in Bitmine Immersion Technologies (BMNR), bringing its total investment in the company to over $300 million.
Cathie Wood’s ARK Invest has just bought another $15.6 million of shares in Bitmine Immersion Technologies (BMNR), bringing its total investment in the company to over $300 million.
ARK Invest bought the shares on Wednesday across its three funds, with ARK Innovation ETF (ARKK) buying 227,569 shares in the company, followed by ARK Next Generation Internet ETF (ARKW) with 70,991 shares and ARK Fintech Innovation ETF (ARKF), which bought 40,553 shares.
Interestingly, ARK Invest’s BitMine holdings, which can also be seen as a bet on Ether, are now nearly half the size of its investment in Coinbase.
The company holds nearly $676 million worth of COIN after selling 5,721 COIN shares last week.
Cathie Wood started buying up BitMine on July 21, purchasing $174 million in its shares across three funds in a single day. It bought another $17 million worth of BMNR stock across its funds on Aug. 2.
ARK Invest is known to make big bets on disruptive technology such as blockchain, artificial intelligence, gene editing, and more. The company’s latest purchases could reflect its bullish take on ETH treasury companies as Bitmine’s ETH holdings recently reached the $7.5 billion mark.
Crypto stocks additions
ARK Invest has also been aggressively acquiring other crypto-related equities.
The company added to its existing positions over the past week, buying $21.2 million worth of Bullish stock and $16.2 million worth of Robinhood Markets on Aug. 20.
Related: ARK Invest scoops $172M in Bullish shares as stock soars 84% on debut
As of Wednesday, ARK Invest held around $543 million worth of Robinhood stock across its funds.
Earlier this month, the company bought $19.2 million worth of Block shares after a prolonged period of selling the stock.
Bitmine shares fall
Bitmine shares ended Wednesday’s trading session at $46.03, falling nearly 8%; however, the shares fell another 2.22% to end the after-hours trading session at $45.01, according to Google Finance.
Despite the downturn seen on Wednesday, the stock is still up 490% year-to-date.
During the quarter ended May, the company reported its revenue at $2.05 million, an increase of 67.5% from the same quarter the year prior, while its net profit margin increased by 43% during the same period.
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