- Ark Invest rebalanced several ETF portfolios, moving out of some crypto and gaming stocks.
- ARK purchased 4.4 million shares of Bitmine Immersion Technologies, valued at around $174 million.
- Portfolio changes also included increasing stakes in AMD, Doordash, and Airbnb while reducing holdings in Robinhood and Block Inc.
- After Bitmine shifted focus from Bitcoin to Ethereum, its stock surged over 3,000%, drawing new major investors.
ARK Invest, led by CEO Cathie Wood, changed the investment mix in three of its exchange-traded funds (ETFs) by selling stock in the cryptocurrency exchange Coinbase and gaming company Roblox and buying shares in Bitmine Immersion Technologies, a company with new focus on Ethereum. The trading adjustments took place this week as the firm moved to add more Ethereum exposure in its funds.
According to a trading update, the ARK Innovation ETF, Next Generation Internet ETF, and Fintech Innovation ETF sold 218,986 shares of Coinbase, worth about $90.5 million, and 463,293 shares of Roblox, valued at $57.7 million. In the same period, these funds acquired 4.4 million shares of Bitmine Immersion Technologies (BMNR), an Ethereum treasury company led by Tom Lee of Fundstrat, in a purchase worth roughly $174 million. This new stake now makes up 1.5% of each ETF’s portfolio.
The funds also reduced holdings in Robinhood and Block Inc. while increasing shares in AMD, Doordash, and Airbnb. The purchase of Bitmine followed the company’s decision to shift its treasury focus from Bitcoin to Ethereum at the end of June. Since this change, Bitmine’s stock price jumped more than 3,000% to a record $135 on July 3, according to Google Finance, before falling back to $39.57. The share price remains over 400% higher than at the start of the year.
Recent SEC filings showed billionaire investor Peter Thiel acquired a 9.1% stake in Bitmine last week. The ARK Innovation ETF continues to hold large positions in technology stocks, including Tesla (9.7%), and maintains Coinbase and Roblox as its second and third largest holdings. It also owns about 5% in stablecoin company Circle.
The ARK Next Generation Internet ETF still has Robinhood, Coinbase, and Tesla among its top positions, with smaller investments in Meta, Shopify, and Amazon. On July 16, the fund sold 225,742 shares in its Bitcoin ETF, ARK 21Shares Bitcoin ETF (ARKB).
Meanwhile, the ARK Fintech Innovation ETF includes Shopify, Robinhood, and Coinbase as its main holdings. The fund has a 1.15% allocation to the 3IQ Ether Staking ETF, providing some indirect exposure to Ethereum.
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