ARK Invest tops up BitMine and Bullish stocks with fresh $23.5M buy

ARK Invest, led by Cathie Wood, purchased more stocks from BitMine Immersion Technologies and crypto exchange Bullish, worth a total of $23.5 million. The company disclosed the new stock acquisitions on Friday through its latest trade filings.

Ark Invest bought 387,000 BitMine (BMNR) stocks worth $16 million. It also acquired 144,000 shares from Bullish (BLSH) valued at $7.5 million.

Together, these stocks were distributed across three ETFs: the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF).

BitMine (BMNR) shares were divided across the ETFs. ARKK held the lion’s share with 257,108 shares, while ARKW and ARKF received 83,082 and 47,135 shares, respectively. Bullish (BLSH) stocks were also distributed in a similar manner. ARKK once again took the largest portion with 81,811 shares, whereas ARKW and ARKF added 39,597 and 22,498 shares, respectively.

Ark Invest is heavily committed to BitMine stakes

In late July, ARK made the first large-scale acquisition of BMNR shares valued at $174 million. In August, the company purchased BMNR shares twice. It poured $17 million for about 410,000 shares and $15.6 million for 339,113 BMNR shares. ARK is widening its exposure to Ethereum through its growing stake in BitMine.

BitMine has been on an Ethereum buying spree. On September 4, the company purchased 80,000 ETH worth $358 million from Galaxy Digital and FalconX. CoinGecko data shows that BitMine holds 1.86 million ETH, which is valued at $8.02 billion. This equates to 1.547% of the total Ethereum in circulation. BitMine has more than double SharpLink Gaming’s ETH holdings.

BitMine’s stock, BMNR, reached an all-time high of $135 on July 3. The stock has dropped significantly ever since and was trading at $42.04 during the last trading session. Despite the massive drop, BitMine has recorded year-to-date (YTD) returns of 479.86% according to Yahoo Finance.

Bullish’s stock, BLSH, started trading on the New York Stock Exchange (NYSE) on August 13. The company had a successful IPO, selling 30 million shares and raising around $1.1 billion. The stock was trading at $52.35 during the last trading session, up by 3.34%. 

Bullish is the owner of CoinDesk and operates a global crypto exchange. It has regulated companies in many jurisdictions, including the UK, Hong Kong, Gibraltar, and Singapore.

Beyond BitMine and Bullish, Ark Invest has exposure to the crypto space through investments in firms like Robinhood, Coinbase, and Block (formerly Square). 

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