ARK Invest Buys $20M BitMine, Sells Coinbase, Block, HOOD

Cathie Wood’s ARK Invest ramped up its exposure to BitMine Immersion Technologies on Monday, purchasing over $20 million worth of shares across three of its actively managed ETFs.

According to ARK’s daily trading disclosures, the ARK Innovation ETF (ARKK) acquired 401,318 shares of BitMine, while ARKW and ARKF picked up 128,048 and 43,487 shares, respectively. In total, ARK Invest added 572,853 BitMine shares.

The buying spree came on the heels of BitMine’s announcement that its Ether (ETH) holdings had exceeded $2 billion in just 16 days. Strategic Ether Reserves shows BitMine as the largest Ether treasury firm with 566,800 ETH, followed by SharpLink Gaming with 360,800 ETH.

The move also follows a $182 million BitMine buy last week. However, despite ARK’s pivot into the ETH treasury company, its stock has been struggling. BitMine’s stock plunged nearly 27% on Monday before paring losses to close down 11.78%.

Related: Cathie Wood sells Coinbase, Roblox shares for Tom Lee’s ETH firm

ARK sells Block, Coinbase, Robinhood Shares

ARK also trimmed its positions in several other crypto-linked stocks. The firm sold a total of 186,417 shares of Block Inc. across ARKK, ARKW, and ARKz, worth around $15 million.

Robinhood was also on the chopping block, with ARKW and ARKF offloading 119,090 shares valued at around $12.7 million. Meanwhile, ARKW sold 18,204 shares of Coinbase, worth nearly $7 million based on Monday’s closing price of $379.49.

While Robinhood shares rose 1.83% to close at $106.77, Block dipped 3.11%, and Coinbase slid 3.11%.

Related: Cathie Wood’s ARK sells $146M worth of Circle shares as price surges

ARK names SOL Strategies as Solana staking partner

On Monday, ARK Invest partnered with Canada-based SOL Strategies to serve as the exclusive staking provider for its Digital Assets Revolutions Fund. The fund, which holds a curated basket of cryptocurrencies, will transition its validator operations to SOL Strategies’ infrastructure.