ARK Invest Buys $23.5 Million in BitMine and Bullish Stock Across Key ETFs

The investment firm, led by Cathie Wood, increased its exposure to the digital asset sector on Friday, acquiring significant stakes in two crypto-related companies while trimming positions in other tech and gaming stocks.

NEW YORK – Cathie Wood's ARK Invest has intensified its bets on cryptocurrency-related equities, purchasing over $23.5 million worth of stock in BitMine Immersion Technologies (BMNR) and crypto exchange Bullish on Friday.

The transactions, disclosed in the firm's daily trade filings, were spread across three of its actively managed exchange-traded funds (ETFs). The firm's flagship ARK Innovation ETF (ARKK) led the acquisition, with the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF) also participating.

Collectively, the funds acquired 387,000 shares of BitMine and 144,000 shares of Bullish. The move to increase its crypto holdings was part of a broader portfolio adjustment, as ARK also reduced its positions in companies such as DraftKings, Roku, Roblox, and the chip manufacturer Teradyne.

BitMine Immersion Technologies is notable for being the largest corporate holder of ether (ETH), with a treasury of 1.87 million ETH valued at over $8 billion. Its stock fell 0.3% during Friday's trading session.

Bullish, the parent company of CoinDesk, went public in August via a $1.1 billion Initial Public Offering (IPO) after abandoning an earlier SPAC plan. ARK Invest was a major day-one buyer, acquiring $172 million in shares. The stock gained 6% on Friday, building on its debut momentum, but saw a slight pullback in after-hours trading.