Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made new bets on the cryptocurrency market on July 21. The largest trade was the purchase of 4.42 million shares of BitMine Immersion Technologies (BMNR), totaling $174.9 million. The purchases were made through multiple ARK funds, including ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).
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Wood Pours $174M into BitMine Immersion
BitMine is an Ethereum (ETH-USD) treasury company and is backed by another renowned hedge fund manager, Peter Thiel. The company is led by Fundstrat founder and CIO Tom Lee.
Last week, BitMine announced that its holdings of ETH and ETH equivalents surpassed $1 billion, marking a significant milestone for the blockchain company. Moreover, Peter Thiel’s Founders Fund disclosed a 9.1% stake in BitMine as the company strategically shifted its focus from Bitcoin (BTC-USD) to Ethereum mining. Notably, BitMine aims to acquire and stake 5% of Ethereum’s total supply. In the past three months, BMNR stock has surged over 522%.
What Is Cathie Wood Buying?
Another interesting trade from yesterday was the first-time purchase of the Brazil-based digital financial services company NU Holdings (NU). Wood’s ARKF fund bought 219,719 shares of NU for about $2.9 million. Other purchases made on Monday included $5.16 million worth of Advanced Micro Devices (AMD), as well as smaller additions of DoorDash (DASH), Airbnb (ABNB), Deere (DE), and Ibotta (IBTA).
On the sell side, Wood reduced her stake in bitcoin-holding companies. She sold $90.6 million worth of Coinbase Global (COIN) stock, $70.3 million worth of Block (XYZ) stock, and $11.5 million worth of Robinhood Markets (HOOD). She also trimmed her stake in Roblox Corp. (RBLX).
Let’s take a brief look at how all these stocks perform on TipRanks’ Stock Comparison Tool.
