ARK Invest Shifts Focus to Ethereum with Bitmine Acquisition
In a strategic move highlighting growing confidence in Ethereum‘s ecosystem, ARK Invest has reallocated its portfolio under the leadership of Cathie Wood. The firm sold positions in Coinbase and Roblox to acquire a stake in Bitmine Immersion Technologies, an Ethereum treasury firm chaired by Tom Lee. This pivot signals strong belief in Ethereum‘s long-term growth potential.
Portfolio Restructuring Details
- Divested 218,986 Coinbase shares valued at $90.5 million
- Sold 463,293 Roblox shares worth $57.7 million
- Acquired 4.4 million Bitmine shares totaling $174 million
Ethereum’s Rising Appeal
Bitmine‘s strategic shift from Bitcoin to Ethereum in late June triggered a remarkable 3,000% stock surge. While prices have since moderated, the stock remains up 400% year-to-date. The company’s momentum gained further validation when Peter Thiel acquired a 9.1% stake.
Market Implications
This reallocation reflects a broader institutional trend toward Ethereum-focused assets. While maintaining significant positions in technology leaders, ARK Invest continues expanding its cryptocurrency exposure.
