Ark Invest Bets Big on Bitmine, Trims Coinbase & Block
Ark Invest buys $175M in Bitmine Immersion shares, while reducing stakes in Coinbase, Robinhood, and Block.
- Ark Invest buys 4.4M Bitmine Immersion shares worth $175M
- Coinbase, Robinhood, and Block stakes trimmed
- Signals shifting focus toward Ethereum infrastructure
On July 21, Cathie Wood’s Ark Invest made a notable portfolio move by investing heavily in Bitmine Immersion (BMNR), a company focused on Ethereum infrastructure. The investment firm acquired 4,421,034 shares of BMNR, valued at approximately $175 million.
Bitmine Immersion is known for its cutting-edge immersion cooling technology tailored for Ethereum-based operations. Ark’s decision to pour such a large amount into this Ethereum-focused company suggests growing confidence in Ethereum’s long-term scalability and utility, particularly as the network continues evolving post-Merge.
Cutting Back on Crypto Giants
While ramping up on Bitmine, Ark also trimmed its exposure to three major players in the crypto and fintech sectors:
- Coinbase: 218,986 shares sold, worth $90.6 million
- Robinhood: 109,824 shares sold, worth $11.46 million
- Block (formerly Square): 90,061 shares sold, worth around $7 million
This redistribution indicates a strategic realignment, potentially favoring infrastructure plays over centralized service platforms. Ark has been a vocal supporter of crypto adoption, but this latest shift suggests a more nuanced outlook on which parts of the ecosystem offer the most growth potential.
A Strategic Pivot Toward the Future of Crypto
Cathie Wood’s bold pivot could reflect a broader institutional interest in companies that power decentralized networks rather than just trade or support them. With Ethereum becoming the backbone of decentralized applications (dApps), NFTs, and DeFi, Ark’s move aligns with long-term industry trends.
As regulatory pressure mounts on exchanges like Coinbase and Robinhood, infrastructure firms like Bitmine may offer safer and more scalable growth opportunities. Ark Invest’s allocation echoes this sentiment, highlighting where the smart money might be heading next.
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