Cathie Wood’s ARK Invest stepped up its bets on crypto-related equities Friday, buying more than $23.5 million in BitMine Immersion Technologies (BMNR) and crypto exchange Bullish, the parent company of CoinDesk, across three of its actively managed ETFs.
Trade disclosures show the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) collectively picked up 387,000 shares of BitMine and 144,000 shares of Bullish, worth over $23.5 million at Friday’s close.
ARKK led the way, adding 257,108 BitMine shares and 81,811 Bullish shares, while ARKW and ARKF split the remainder.
Along with these additions, ARK trimmed stakes in DraftKings, Roku, Roblox and chipmaker Teradyne.
BitMine is currently ether’s largest treasury firm, holding 1.87 million ETH worth more than $8 billion. Its shares dropped 0.3% in Friday’s trading session, and an additional 1.17% in after hours trading.
Bullish went public in August through a $1.1 billion IPO after scrapping an earlier SPAC plan. ARK was a major buyer on day one, snapping up $172 million worth of shares. The stock gained 6% on Friday, building on momentum from its debut, but is down 1.5% in after hours trading.