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), and Fintech Innovation ETF (ARKF). In total, ARK Invest purchased over 387, 000 shares of BitMine and 144, 000 shares of Bullish. The financial impact of these purchases is substantial, with BitMine shares valued at approximately $16 million and Bullish shares at $7. 5 million. The ARK Innovation ETF (ARKK) led the way in both acquisitions, buying the most shares of each company. 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) was a major event, with its stock price soaring by 83. 8% and raising $1. 1 billion. Bullish operates a global crypto exchange and owns CoinDesk, navigating the crypto landscape across various jurisdictions. Meanwhile, BitMine, known for being the largest corporate holder of Ether (ETH), recently added $65 million worth of ETH to its holdings. This purchase was made through six over-the-counter (OTC) transactions via Galaxy Digital. BitMine's ETH holdings now exceed 1. 5% of Ethereum's circulating supply, all 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. 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.