Cathie Wood’s ARK Invest Makes Significant Investments in Crypto-Related Equities
ARK Invest, led by renowned investor Cathie Wood, made bold moves in the crypto space on Friday by acquiring over $23.5 million worth of shares in BitMine Immersion Technologies (BMNR) and Bullish, the parent company of CoinDesk. These investments were made across three of ARK’s actively managed ETFs – ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
The largest investment was made by ARKK, which added 257,108 shares of BitMine and 81,811 shares of Bullish. ARKW and ARKF also contributed to the investments, collectively picking up 387,000 shares of BitMine and 144,000 shares of Bullish.
In addition to these new investments, ARK Invest decided to reduce its stakes in companies like DraftKings, Roku, Roblox, and Teradyne.
BitMine Immersion Technologies is currently one of the largest holders of Ether, with a treasury of 1.87 million ETH valued at over $8 billion. Despite its strong position in the market, BitMine’s shares experienced a slight decline of 0.3% during Friday’s trading session, followed by an additional 1.17% drop in after-hours trading.
Bullish, on the other hand, went public in August through a $1.1 billion IPO after abandoning its earlier SPAC plan. ARK Invest was a key investor on the first day of trading, acquiring $172 million worth of shares. The stock saw a 6% increase in value on Friday, building on the momentum from its debut. However, it experienced a 1.5% decrease in after-hours trading.
Overall, ARK Invest’s strategic moves in the crypto space demonstrate its confidence in the long-term potential of these emerging technologies. With Cathie Wood at the helm, the investment firm continues to make waves in the financial markets, solidifying its reputation as a leader in disruptive innovation.