Key Notes
- Following its routine portfolio rebalancing, Ark Invest has offloaded more than 40,000 Robinhood shares.
- It acquired $4.3 million worth of BitMine stock to rebalance its portfolio.
- BitMine is known for its strong association with Ethereum, holding as much as 2 million ETH in its portfolio.
Cathie Wood-led Ark Invest has carried out its routine portfolio rebalancing, leading to the purchase of some BitMine Immersion Technologies (BMNR) stock.
Shares of Robinhood Markets Inc. (NASDAQ: HOOD), which were recently added to the S&P 500 index, were offloaded by the asset management firm.
BitMine Stocks Record Price Gain
Ark Invest recently cut down on its stake in Robinhood’s stock to accommodate Tom Lee’s BMNR, making a notable pivot in the firm’s financial portfolio.
The acquisition of 101,950 BMNR shares, which were worth $4.3 million at the time of purchase, boosted Ark Invest’s exposure to the Ethereum-rich ETH $4 282 24h volatility: 1.9% Market cap: $516.64 B Vol. 24h: $30.39 B BitMine.
ARK Invest revealed the deal in its September 8 daily trade disclosure, citing that the shares were distributed across three of its Exchange Traded Funds (ETFs).
Shortly after the purchase, the BMNR stock spiked by over 4% to close at $43.79, per Yahoo Finance data. Thereafter, it edged slightly higher in after-hours trading.
At press time, BMNR stock has a pre-market value of $45.19 , with a 3.08% increase. This is the continuation of the aggressive buying trend that the firm has been engaged in recently.
BitMine Holds More Than 2 Million Ethereum
Considering BitMine’s strong association with Ethereum (ETH), this could be the beginning of a new era for the Cathie Wood firm.
Globally, BitMine has successfully secured the position of the largest corporate Ethereum holder.
The company currently holds over two million ETH coins, purchased at an average price of $4,312 per coin. This represents about 1.7% of Ethereum’s total supply.
As part of its growing investments, the firm confirmed a $20 million strategic investment into Eightco Holdings for the purchase of 13,698,630 shares of common stock issued at $1.46.
BitMine’s large Ethereum treasury has made BMNR one of the most-watched stocks in the blockchain space.
Ark Invest’s exposure to the stock may be an expression of its confidence in Ethereum’s long-term potential and value.
S&P 500-Listed Robinhood Shares Slashed by Ark Invest
About 43,728 HOOD shares were offloaded from ARK Next Generation Internet ETF (ARKW), and it was by far the most significant diversification.
It was valued at approximately $5.1 million. The scale back may have caught market watchers by surprise, considering that S&P Global confirmed on Monday that Robinhood would join the S&P 500 index.
The news was followed by a 16% surge in the value of the stock, to close at $117.28. It is worth noting that Michael Saylor’s Strategy was expected to join the index but was rejected, even with its large Bitcoin BTC $110 877 24h volatility: 1.5% Market cap: $2.21 T Vol. 24h: $43.48 B portfolio.
Meanwhile, Ark Invest also shed roughly 10,000 shares of Teradyne during the same period. Its investment in BitMine’s BMNR may draw traction towards the share in the coming weeks, especially if Ethereum continues to rake in new gains.
