NEW YORK – Cathie Wood's ARK Invest has added to its significant crypto-related holdings, acquiring a combined $23.5 million worth of stock in BitMine Immersion Technologies (BMNR) and crypto exchange Bullish (BLSH), according to the firm's latest trade filings released on Friday.
The acquisition included 387,000 shares of BitMine, valued at $16 million, and 144,000 shares of Bullish, valued at $7.5 million. These shares were distributed across three of ARK's actively managed ETFs: the flagship ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF). The ARKK fund received the largest allocation of both stocks.
This investment deepens ARK's significant position in BitMine, following several large purchases in July and August. The strategy appears to be a proxy for gaining exposure to Ethereum (ETH), as BitMine has been on an aggressive ETH acquisition spree. According to data from CoinGecko, BitMine holds approximately 1.86 million ETH, worth over $8 billion, making it one of the largest corporate holders of the digital asset.
Shares of BitMine (BMNR) have seen significant volatility, reaching an all-time high of $135 in July before settling around $42 in the last session. Despite the sharp decline, the stock has delivered a year-to-date return of nearly 480%.
Bullish (BLSH) recently went public on the New York Stock Exchange (NYSE) in a successful Initial Public Offering (IPO) that raised approximately $1.1 billion. The company, which owns CoinDesk, operates a global cryptocurrency exchange regulated in multiple key jurisdictions, including the United Kingdom and Singapore.
This latest move is consistent with ARK Invest's broader strategy of investing in the digital asset ecosystem. The firm also holds significant positions in other crypto-adjacent companies, including Coinbase, Robinhood, and Block (formerly Square).
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