ARK Invest has increased its exposure to cryptocurrency-related stocks, picking up more shares of BitMine Immersion Technologies and Bullish in several of its exchange-traded funds as markets continue to decline.
According to ARK’s daily trading disclosures on Friday, the ARK Fintech Innovation ETF (ARKF) added 18,089 shares of BitMine, the ARK Next Generation Internet ETF (ARKW) bought 34,637 shares of BitMine, and the ARK Innovation ETF (ARKK) added 116,681 shares, bringing the day’s total purchases to 169,407 shares worth approximately $5.83 million.
Separately, ARKF purchased 8,063 shares of Bullish, ARKW added 15,441 shares, and ARKK acquired 52,011 shares. This brings ARK’s total bullish purchases for the day to 75,515 shares worth approximately $2.91 million.
The renewed accumulation came on a day when both stocks faced intense selling. Bullish closed down 6.19% at $38.48, while BitMine fell almost 6% to $34.40. Both saw a slight pick-up in after-hours trading.
Related: Cathie Wood ARK buys $46 million worth of Circle shares when the price falls below $90
ARK on the cryptocurrency purchasing frenzy
ARK’s latest acquisitions come at a time when the company is on a cryptocurrency buying spree. Last week, the company raised 542,269 shares of Circle (CRCL) over two days, spending about $46 million.
The purchases, amounting to $30.4 million on Wednesday and $15.5 million on Thursday, came as CRCL continued to decline, closing at $86 and then $82.30. These are ARK’s first purchases since June, when the company sold about 1.7 million shares at an average price of $200, raising the total to $352 million.
In addition to Circle, ARK is also expanding its position in BitMine. On Thursday, ARK acquired 242,347 shares of BitMine for about $8.9 million as the share price fell below $37.
Related: Cathie Wood’s ARK Invest adds BitMine shares, withdrawing $30 million from Tesla shares
BitMine shakes up leadership as its Ether treasury surpasses $11 billion
As Cointelegraph reports, BitMine has replaced its CEO as the company strengthens its position as the largest public company holding Ether. The company announced that Chi Tsang will take over from Jonathan Bates. The company also appointed three recent independent management board members.
The move comes after over 3.5 million Ether (ETH) worth over $11 billion is currently in BitMine’s vault. Originally a cryptocurrency mining company, BitMine has evolved into a major institutional holder of Ethereum, drawing comparisons to Michael Saylor’s Bitcoin-focused strategy.
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