TLDR
- ARK Invest purchased 4.42 million shares of BitMine Immersion Technologies for $174.9 million across three ETFs
- Wood sold $90.6 million worth of Coinbase stock, $70.3 million in Block shares, and $11.5 million in Robinhood stock
- BitMine shifted focus from Bitcoin to Ethereum mining and aims to acquire 5% of Ethereum’s total supply
- The company is led by Fundstrat founder Tom Lee and backed by billionaire Peter Thiel with a 9.1% stake
- BitMine stock surged over 522% in three months following its pivot to Ethereum
Cathie Wood’s ARK Invest made a major cryptocurrency play on July 21, purchasing $174.9 million worth of shares in Ethereum treasury company BitMine Immersion Technologies. The purchase involved 4.42 million shares acquired through three of ARK’s exchange-traded funds.
The funds involved in the purchase were ARK Fintech Innovation ETF, ARK Innovation ETF, and ARK Next Generation Internet ETF. BitMine now comprises 1.5% of each ETF’s portfolio following the acquisition.
BitMine represents a strategic shift in the crypto mining sector. The company recently pivoted from Bitcoin to Ethereum mining operations under the leadership of Fundstrat founder and CIO Tom Lee.
The Ethereum treasury company has set an ambitious goal to acquire and stake 5% of Ethereum’s total supply. Last week, BitMine announced its holdings of ETH and ETH equivalents exceeded $1 billion.
BitMine’s Market Performance
BitMine stock has experienced explosive growth following its cryptocurrency pivot. Since announcing plans to shift from Bitcoin to Ethereum in late June, the stock surged more than 3,000% to reach an all-time high of $135 on July 3.
The stock has since cooled to $39.57 but remains up over 400% since the beginning of 2025. Over the past three months alone, BMNR stock climbed more than 522%.
Billionaire venture capitalist Peter Thiel added credibility to BitMine’s strategy last week. His Founders Fund disclosed a 9.1% stake in the company as it executed its Ethereum-focused transformation.
Wood’s Portfolio Restructuring
While buying BitMine shares, ARK Invest simultaneously reduced positions in Bitcoin-focused companies. Wood sold $90.6 million worth of Coinbase Global stock, reflecting a shift away from traditional crypto exchange exposure.
The fund manager also trimmed $70.3 million in Block stock and $11.5 million in Robinhood Markets shares. These sales represent a broader rebalancing toward Ethereum-linked investments.
ARK made additional portfolio adjustments beyond cryptocurrency companies. The funds purchased $5.16 million worth of Advanced Micro Devices shares and $2.9 million in Brazil-based digital financial services company NU Holdings.
Smaller additions included positions in DoorDash, Airbnb, Deere, and Ibotta. Wood also reduced her stake in gaming company Roblox, selling 463,293 shares worth $57.7 million.
The three ARK funds maintain different investment focuses while sharing similar cryptocurrency exposure. ARKK targets disruptive innovation with $6.8 billion in assets under management, while ARKW focuses on shifting technologies and cloud infrastructure with $2 billion AUM.
ARKF represents ARK’s fintech-themed fund with $1.2 billion in assets under management. It is the only fund among the three with indirect ETH exposure through a 1.15% allocation to the 3IQ Ether Staking ETF.
Despite the recent sales, Coinbase and Roblox remain among the largest holdings in ARK’s portfolios. The funds also maintain positions in stablecoin issuer Circle and previously held shares in the ARK 21Shares Bitcoin ETF before selling 225,742 shares on July 16.
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