Ark Invest adds $15.3 million in BitMine shares one day after $20 million purchase
Quick Take Ark Invest purchased $15.3 million worth of BitMine shares on Tuesday, following a $20 million purchase the previous day. Last week, Ark acquired $182 million worth of BitMine shares.
Cathie Wood-led Ark Invest purchased $15.3 million worth of BitMine Immersion Technologies shares across three of its exchange-traded funds on Tuesday, a day after acquiring $20 million worth of shares in the company.
In its Tuesday trading disclosure, the firm reported that the ARK Innovation ETF (ARKK) purchased 323,186 shares of BitMine, while the ARK Next Generation Internet ETF (ARKW) acquired 104,244 shares. The ARK Fintech Innovation ETF (ARKF) also bought 50,068 BitMine shares.
Meanwhile, the ARKF sold 18,843 shares of Jack Dorsey's Block Inc., worth $1.47 million, according to the same disclosure.
Ark Invest has been accumulating BitMine shares as it continues to adjust its crypto-related exposure across its portfolio. On Monday, it acquired $20 million worth of BitMine shares across its three ETFs.
Last week, Ark Invest announced that it had purchased 4,773,444 common shares in BitMine, worth $182 million. The same week, BitMine disclosed that its ETH holdings had exceeded $2 billion.
"At BitMine, we surpassed $2 billion in ETH holdings, just 16 days after closing on the initial $250 million private placement," Thomas Lee, chairman of BitMine's board of directors, said in the Thursday statement. "We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply."
BitMine's stock price fell 8.86% to close at $32 on Tuesday, according to Yahoo Finance data. Despite a 20.65% drop over the past five days, the stock remains up 650.29% over the past month.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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