Cathie Wood Bought These Hot Stocks While Dumping Popular Streaming Stock

TLDR

Table of Contents

ARK Invest purchased $4 million worth of Intellia Therapeutics shares and over $300 million in BitMine Immersion Technologies
Wood’s funds sold $5.35 million in Roku shares and $2.61 million in DraftKings across multiple ETFs
BitMine stock has surged 534.9% year-to-date despite recent 7.85% decline over past three months
Intellia gained 56% in three months as Wood increases biotech exposure through gene-editing plays
Portfolio rebalancing shows Wood moving capital from streaming and gaming into crypto infrastructure and biotechnology

ARK Invest executed major trades on August 28-29, 2025, with Cathie Wood’s flagship funds making substantial purchases in biotechnology and cryptocurrency infrastructure companies. The moves signal a strategic shift in portfolio allocation toward high-growth sectors.

The largest acquisition involved BitMine Immersion Technologies, with ARK funds purchasing 15.6 million shares across three ETFs. ARK Innovation ETF bought 227,569 shares, while ARK Next Generation Internet ETF and ARK Fintech Innovation ETF added 70,991 and 40,553 shares respectively. This brings ARK’s total BitMine investment to over $300 million.

Bitmine Immersion Technologies, Inc. (BMNR)

BitMine operates in Ethereum treasury management and crypto mining technology. The company holds 1.71 million ETH worth approximately $7.9 billion in its treasury, representing a total of $8.82 billion in assets. BitMine recently announced plans to expand its at-the-market equity program to $24.5 billion.

The stock has gained 534.9% year-to-date but declined 7.85% over the past three months. Shares closed at $46.03, reflecting recent market volatility in cryptocurrency-related stocks.

Strategic Biotech Investment

ARK Innovation ETF purchased 349,930 shares of Intellia Therapeutics worth approximately $4 million. Intellia specializes in CRISPR gene-editing technology and develops treatments for genetic diseases including transthyretin amyloidosis and hereditary angioedema.

This purchase continues ARK’s consistent buying pattern in Intellia over recent weeks. The stock has gained over 56% in the past three months, outperforming broader biotech indices.

Wood has previously compared gene editing’s potential impact to the internet’s transformation of communication. Her biotech strategy focuses on companies developing breakthrough medical technologies.

Portfolio Trimming Actions

ARK simultaneously reduced positions in entertainment and gaming stocks. The Innovation ETF sold 55,624 Roku shares worth $5.35 million, extending a week-long selling streak in the streaming device company.

DraftKings faced similar reductions with ARK selling 54,679 shares across three funds for approximately $2.61 million. The sales span ARK Innovation, ARK Next Generation Internet, and ARK Fintech Innovation ETFs.

Both Roku and DraftKings have performed well year-to-date with gains of 31.2% and 29.7% respectively. The sales appear tactical rather than performance-driven.

Market Performance Context

The trades occurred during mixed market conditions on August 29, 2025. The S&P 500 gained 0.5% with technology stocks leading advances despite inflation concerns.

BitMine shares gained in after-hours trading following ARK’s purchase announcement. Intellia also saw positive momentum as broader life sciences markets rallied.

Wood’s $50 billion asset management empire continues to influence individual stock movements. Her investment decisions often trigger follow-on buying from retail investors tracking ARK’s moves.

The rebalancing reflects Wood’s thesis that Ethereum could reach $166,000 per token by 2032, representing a 3,536% increase from current levels around $4,635.

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