ARK Invest Expands Crypto Stock Holdings
Cathie Wood’s ARK Invest has intensified its commitment to the cryptocurrency sector by acquiring substantial stakes in BitMine Immersion Technologies and Bullish, a crypto exchange and media company. According to recent trade disclosures, ARK’s three flagship ETFs—the Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF)—collectively purchased over 387,000 shares of BitMine and approximately 144,000 shares of Bullish.
Details of the Purchases
The combined investment amounts to roughly $16 million in BitMine and $7.5 million in Bullish stock based on current market valuations. The Innovation ETF (ARKK) led the purchases with 257,108 shares of BitMine and 81,811 shares of Bullish. ARKW and ARKF also contributed, acquiring 83,082 and 47,135 shares of BitMine, and 39,597 and 22,498 shares of Bullish, respectively.
Context on Bullish and BitMine
This latest buying activity builds on ARK’s August acquisition when it invested approximately $172 million to purchase 2.53 million shares of Bullish on its first day of trading. Bullish’s IPO was notable for its 83.8% surge on debut, raising $1.1 billion and marking one of the most significant crypto-related public listings this year. The company, which owns CoinDesk and operates regulated exchanges across multiple jurisdictions including Hong Kong, Singapore, and the UK, went public through a traditional IPO after a 2021 SPAC merger fell through.
Meanwhile, BitMine, recognized as the largest corporate holder of Ether (ETH), recently acquired an additional $65 million in ETH through six over-the-counter transactions facilitated by Galaxy Digital. BitMine’s ETH holdings now represent more than 1.5% of Ethereum’s circulating supply, all purchased using cash without leverage. This accumulation coincides with a notable decrease in Ether reserves on centralized exchanges, which have fallen 38% since 2022 amid increased institutional demand and ETF activity.
Implications for Crypto Markets
ARK Invest’s continued accumulation of crypto-related stocks underscores its bullish outlook on the sector’s growth potential. The dual focus on both infrastructure players like BitMine and exchange operators like Bullish reflects a diversified approach to capturing value in the evolving digital asset ecosystem.
FinOracleAI — Market View
ARK Invest’s recent purchases of BitMine and Bullish shares signal confidence in the crypto sector’s medium-term prospects, potentially encouraging investor interest in related equities. The sizeable acquisition of ETH by BitMine further highlights institutional accumulation trends, which may tighten supply and support price stability. However, regulatory developments and broader market volatility remain key risks. Market participants should monitor ETF inflows and exchange reserve movements for early indications of shifting sentiment.
Impact: positive
