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ARK Invest has expanded its cryptocurrency holdings by acquiring $5.8 million in shares of BitMine Immersion Technologies and $2.9 million in shares across several ETFs, indicating ongoing confidence in digital asset infrastructure.

The ARK Fintech Innovation ETF purchased 18,089 BitMine shares, contributing to a total investment of $6 million, with additional funds that acquired over 151,000 shares.

 

ARK’s ETFs also purchased 75,515 shares of Bullish for $2.91 million despite a 6.19 percent decline in BitMine’s stock price. This activity follows ARK’s recent $46 million investment in Circle shares, demonstrating a comprehensive approach to cryptocurrency-related stocks, particularly given BitMine’s Ether treasury, which exceeds $11 billion.

ARK Invest has been actively increasing its positions in stocks connected to cryptocurrencies, with total investments in key holdings surpassing $50 million. Daily trade disclosures from the company reveal a pattern of buying during price dips. For instance, when Circle’s stock price fell below $90, ARK purchased 542,269 Circle shares over two days, totaling $46 million.

Experts believe that ARK’s long-term optimism about blockchain technologies is reflected in these strategies, with Cathie Wood emphasizing the revolutionary potential of digital assets in financial innovation. These purchases align with broader market trends; data from ARK’s filings indicate an increase in institutional interest in crypto-linked stocks despite short-term volatility.

BitMine’s transition from mining to holding over 3.5 million Ether, valued at more than $11 billion, enhances its stability and growth prospects, similar to tactics employed by prominent players in the industry. Building on this momentum, ARK purchased 242,347 BitMine shares for $8.9 million the day before, when the stock price fell below $37. These transactions increased exposure while distributing risk across ARKF, ARKW, and ARKK.

Market observers, including those from Bloomberg, note that ARK’s strategy contrasts with broader tech stock sell-offs, evidenced by its recent $30 million divestiture of Tesla shares to reallocate towards cryptocurrency ventures. Both BitMine and Bullish, which closed at $34.40 and $38.48, respectively, faced pressure with declines of nearly 6 percent and 6.19 percent at the time of purchase. However, slight increases in after-hours trading suggest strong investor sentiment.