Ark Invest buys $20 million in BitMine shares, sells $15 million in Block Inc
Quick Take
- Ark Invest purchased $20 million worth of BitMine shares on Monday, while selling $15 million worth of Block Inc. shares, $12.7 million in Robinhood, and $6.9 million in Coinbase.
- The firm bought $182 million worth of BitMine last week.
Cathie Wood's Ark Invest bought an additional $20 million worth of BitMine shares across three of its exchange-traded funds on Monday following its $182 million purchase last week, as the firm adjusts its crypto-related holdings.
The ARK Innovation ETF (ARKK) acquired 401,318 BitMine shares, and the ARK Next Generation Internet ETF (ARKW) bought 128,048 shares of BitMine. The ARK Fintech innovation ETF (ARKF) also purchased 43,487 BitMine shares, according to the firm's Monday trading disclosure.
Meanwhile, the company dumped a total of 186,417 Block Inc. shares worth roughly $15 million across the same three ETFs. ARKW and ARKF also sold $12.7 million worth of Robinhood Markets shares, while ARKW offloaded 18,204 Coinbase Global shares valued at around $6.9 million based on Monday's closing price.
BitMine's Ethereum treasury strategy appeared to draw interest from Ark Invest last week, with the firm acquiring 4,773,444 common shares of BitMine, according to a company press release. On Thursday, BitMine announced that its ETH holdings had surpassed $2 billion.
BitMine's stock fell 11.78% to close at $35.11 on Monday and dropped another 13.1% in after-hours trading, according to Yahoo Finance data. Coinbase shares closed down 3.11% at $379.49, while Robinhood rose 1.83% to end the day at $106.77.
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