Cathie Wood’s ARK Invest Makes Bold Bet on BitMine

ARK Invest, a well-known asset management company led by Cathie Wood, has once again made headlines in the crypto market. On July 28, the firm bought over $20 million worth of shares in BitMine Immersion Technologies. The move shows growing confidence in BitMine, even as its stock price struggles. ARK also sold off shares in other well-known crypto-related companies, shifting its focus toward Ethereum (ETH) exposure. ARK Invest Loads Up on BitMine Shares, Sells Shares in Other Crypto Firms ARK’s daily trading report revealed that three of its funds took part in the BitMine purchase. The ARK Innovation ETF (ARKK) bought 401,318 shares. ARKW followed with 128,048 shares, and ARKF added another 43,487. In total, the investment firm bought 572,853 shares of BitMine Immersion Technologies. While ARK was buying BitMine, it was also cutting back on other crypto-related stocks. The firm sold 186,417 shares of Block Inc. across ARKK, ARKW, and ARKZ. These shares were worth around $15 million. ARK also reduced its position in Robinhood, offloading 119,090 shares for roughly $12.7 million. In addition, ARKW sold 18,204 shares of Coinbase , worth nearly $7 million based on the closing price of $379.49. On the same day, Robinhood shares rose 1.83% to $106.77, but Block and Coinbase both fell by 3.11%. New Partnership with SOL Strategies to Support Staking ARK Invest also announced a partnership with SOL Strategies, a Canadian firm specializing in crypto staking. SOL Strategies will now serve as the exclusive staking provider for ARK’s Digital Assets Revolutions Fund. The fund holds a handpicked group of digital assets and will now rely on SOL’s validator infrastructure. After making a massive bet on Solana back in May , the company now manages over 3.59 million Solana (SOL) across five validators, with over 5,700 wallets involved. Notably, BitGo, a digital asset trust company that partnered with SOL Strategies earlier this year, will also support the effort. With strategic partnerships and a new staking approach, ARK continues to shape its position in the digital asset space. BitMine’s Stock Struggles Despite Strong Treasury Position This new investment came just after the mining company announced that it now holds over $2 billion in Ethereum . In just 16 days, the company’s crypto holdings soared to 566,800 ETH, Reportedly, this massive crypto stash makes BitMine the largest Ethereum treasury holder in the world, followed by the second-largest, SharpLink Gaming, which holds 360,800 ETH. Even with its growing Ethereum reserves, BitMine’s stock price took a hit on Monday. The company’s shares dropped nearly 27% before recovering some ground to close the day down by 11.78%. This drop came only a week after the mining company received another $182 million investment. While BitMine’s stock may be volatile, ARK’s large investment suggests long-term confidence. The post Cathie Wood’s ARK Invest Makes Bold Bet on BitMine appeared first on TheCoinrise.com .

Source: The Coin Rise