ARK Invest boosts BitMine holdings while trimming big names like Coinbase and Robinhood.
- ARK Invest acquired over $20 million worth of BitMine shares.
- The firm sold shares in Robinhood, Coinbase, and Block Inc.
- BitMine now holds over $2 billion in Ether.
ARK Invest Adds More BitMine Shares
On July 8, ARK Invest bought 572,853 shares of BitMine Immersion Technologies. This purchase cost over $20 million. The shares were spread across three ETFs: ARKK, ARKW, and ARKF.
The move came after BitMine announced its Ether (ETH) holdings reached more than $2 billion in 16 days. BitMine now leads the ETH treasury race with 566,800 ETH. The second-biggest holder is SharpLink Gaming with 360,800 ETH.
BitMine Stock Faces Pressure
Despite the big investment, BitMine’s stock struggled. On the same day as the sale, the stock dropped nearly 27% during the day. It ended the session down by 11.78%. The decline came even after a separate $182 million BitMine buy the week before.
ARK Invest Trims Crypto Holdings Elsewhere
While increasing its BitMine exposure, ARK Invest reduced holdings in other crypto-linked companies:
- SOLD: 186,417 shares of Block Inc. worth around $15 million.
- SOLD: 119,090 shares of Robinhood valued at about $12.7 million.
- SOLD: 18,204 shares of Coinbase, close to $7 million in value.
On the stock market, Robinhood rose by 1.83% to end at $106.77. On the other hand, Block and Coinbase both fell by 3.11%.
New Solana Staking Partnership
ARK Invest also announced a deal with SOL Strategies, a Canada-based company. This group will now handle staking for ARK’s Digital Assets Revolutions Fund. The partnership uses SOL Strategies’ advanced validator systems.
SOL Strategies manages over 3.59 million Solana (SOL) through five validators. They also have more than 5,700 active wallets. BitGo, a crypto custody firm, also supports the partnership.
Source: cointelegraph.com
