Ark Invest buys $30 million in Coinbase shares, adds $17 million in BitMine across three funds
Quick Take
- Cathie Wood’s Ark Invest bought nearly $30 million worth of Coinbase shares and added $17 million worth of Ethereum treasury firm BitMine shares across three of its funds.
- Ark Invest has made significant BitMine purchases over the last month, and currently holds over $188 million in BMNR shares across its funds.
Cathie Wood-led Ark Invest added to its holdings of centralized exchange Coinbase and Ethereum treasury company BitMine Immersion Technologies with nearly $47 million worth of crypto-related purchases across three funds on Friday, according to the firm's latest trading disclosure.
Ark Invest added about $29.8 million worth of Coinbase shares to three of its funds on Friday, with ARKK accounting for $22.6 million worth, as of Friday's closing price. COIN shares fell 16.7% on Friday, according to The Block's Coinbase stock price page, after weaker than expected quarterly earnings, leading Ark to buy the dip.
Three Ark funds also purchased additional shares in Tom Lee's Ethereum treasury company BitMine Immersion Technologies. Again, ARKK proved the largest buyer, with $11.6 million worth of BMNR shares.
The latest purchases follow two consecutive buying sessions earlier in the week, when Ark snapped up $20 million worth of BitMine stock on Monday and $15.3 million on Tuesday. In total, Ark has poured roughly $52.4 million into BitMine shares over the past five trading days, and holds
BitMine currently holds the most ether out of any Ethereum treasury company, and boasts the largest market cap, according to The Block's data. The company currently holds 625,000 ETH and its stated goal is to acquire and stake 5% of Ethereum's supply.
BitMine's stock fell about 8.6% on Friday, according to Yahoo Finance data, and currently trades at $31.68 as of market close. The company's stock price is currently down over 31% in the past month.
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