Cathie Wood’s ARK Invest buys 4.4 million shares of Peter Thiel-backed Ethereum treasury firm

ARK reshuffles its portfolio by backing Bitmine’s Ethereum focus, reducing Coinbase holdings amid US digital assets legislation shifts.

Key Takeaways

• ARK Invest acquired over 4.4 million shares of Ethereum treasury firm Bitmine Immersion Technologies.
• Bitmine Immersion plans to acquire and stake 5% of Ethereum’s supply, marking a major shift toward Ethereum-focused treasury.

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Cathie Wood’s Ark Invest acquired more than 4.4 million shares of Bitmine Immersion Technologies (BMNR), an Ethereum treasury company led by Fundstrat founder and CIO Tom Lee, according to its July 21 trade disclosure.

The purchases were spread across multiple ETFs, with the firm’s flagship Ark Innovation ETF (ARKK) getting approximately 2.9 million shares. Additional allocations went to the Ark Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF).

ARK simultaneously sold 218,986 Coinbase shares valued at over $90 million across three ETFs. The sale occurred after the stock reached peak trading levels following the passage of US crypto legislation by the House of Representatives.

The firm also reduced its positions in Robinhood and Block.

BitMine Immersion, backed by Peter Thiel, maintains an Ethereum treasury exceeding $1 billion after recently adding $500 million worth of the digital asset. The NYSE-listed company plans to acquire and stake 5% of Ethereum’s supply.

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