Ace hedge fund manager Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made notable portfolio adjustments on Wednesday, August 27, according to the funds’ daily disclosures. She invested millions in Ethereum-backed Bitmine Immersion Technologies (BMNR) and continued to accumulate shares of biotechnology stocks.
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At the same time, Wood dumped shares of TV streaming giant Roku (ROKU) and the online sports betting platform DraftKings (DKNG), consistent with her recent selling trend. Let’s understand these trades in detail.
Wood Buys the Dip in Bitmine Stock
Wood has been accumulating shares of Bitmine, leveraging every dip in the stock price. BMNR stock was down nearly 8% yesterday. The company is rapidly increasing its Ethereum treasury, with its ETH holdings exceeding $8 billion. Notably, Bitmine aims to acquire and stake 5% of Ethereum’s total supply.
The ARK Innovation ETF (ARKK) bought 227,569 shares of Bitmine, while the ARK Next Generation Internet ETF (ARKW) acquired 70,991 shares, and the ARK Fintech Innovation ETF (ARKF) purchased 40,553 shares of Bitmine. Together, the funds purchased 339,113 shares of Bitmine, valued at roughly $16.94 million.
Wood Accumulates Biotech Stocks
On August 27, the ARKK ETF acquired 124,275 shares of CRISPR Therapeutics (CRSP), investing approximately $6.82 million. This latest purchase has boosted CRISPR to the 10th largest holding in ARK’s combined portfolio, with a market value of $452.5 million and representing a 3.49% portfolio weighting.
At the same time, Wood purchased an additional 185,200 shares of Intellia Therapeutics (NTLA), valued at $2.10 million, continuing her recent bullish stance on the gene-editing company. Wood has shown strong conviction in gene-editing technologies, viewing them as a highly promising pathway for developing treatments for rare diseases.
Wood Offloads Roku and DraftKings Stocks
On the selling side, the ARK funds sold a significant chunk of DraftKings, disposing 266,052 shares across the same three ETFs for a total value of about $12.69 million. Moreover, Wood offloaded 85,278 shares of Roku from the ARKK fund, worth $8.15 million. Wood appears to be taking advantage of Roku’s recent surge, as the stock has climbed 30% in the past three months.
Here’s how these stocks perform on TipRanks’ Stock Comparison Tool:
