ARK Invest Expands Crypto Holdings with Big Moves
ARK Invest, a prominent investment firm, has been actively expanding its crypto-related stock portfolio. Recently, it acquired significant shares of BitMine Immersion Technologies and Bullish, spreading these investments across three of its major ETFs:
- ARK Innovation ETF (ARKK)
- Next Generation Internet ETF (ARKW)
- Fintech Innovation ETF (ARKF)
Investment Details
- BitMine Immersion Technologies
- Shares Purchased: Over 387,000
Value: Approximately $16 million
- Bullish
- Shares Purchased: 144,000
- Value: Approximately $7.5 million
The ARK Innovation ETF (ARKK) led the way in both acquisitions, buying the most shares of each company.
Previous Investments in Bullish
This isn't ARK's first venture into Bullish. Back in August, the firm invested heavily in Bullish on its first trading day, acquiring 2.53 million shares across its ETFs.
- Bullish's Initial Public Offering (IPO)
- Stock Price Increase: 83.8%
- Funds Raised: $1.1 billion
Bullish operates a global crypto exchange and owns CoinDesk, navigating the crypto landscape across various jurisdictions.
BitMine's Strategic Moves
BitMine, known for being the largest corporate holder of Ether (ETH), recently added $65 million worth of ETH to its holdings.
- Purchase Details:
- Transactions: Six over-the-counter (OTC) transactions via Galaxy Digital
- Current Holdings: Exceed 1.5% of Ethereum's circulating supply
- Method: Acquired with cash and no leverage
This move comes at a time when centralized exchanges are experiencing a significant Ether supply squeeze, with reserves down by 38% since 2022.
Broader Implications
ARK Invest's strategic moves highlight the growing interest in crypto-related investments. The firm's continued acquisition of crypto stocks reflects a broader trend of institutional accumulation and ETF activity in the crypto space.