ARK Invest Buys $23.5M in BitMine & Bullish Shares via ETFs
Cathie Wood’s ARK Invest increased its exposure to crypto infrastructure equities by acquiring over $23.5 million in BitMine Immersion Technologies (BMNR) and exchange operator Bullish (BLSH) across three flagship ETFs. According to recent filings, the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) collectively purchased 387,000 BitMine shares and 144,000 Bullish shares. ARKK led with 257,108 BitMine and 81,811 Bullish shares. Concurrently, ARK trimmed stakes in DraftKings, Roku, Roblox and Teradyne. BitMine, holding 1.87 million ETH ($8 billion), saw its stock slip modestly, while Bullish—fresh from a $1.1 billion IPO—gained 6% before a slight after-hours pullback. The moves underscore ARK Invest’s bullish stance on crypto-related equities.
Bullish
ARK Invest’s $23.5 million purchase of BitMine and Bullish shares signals continued institutional confidence in crypto infrastructure stocks. High-profile buys by Cathie Wood often attract additional investor capital and can drive sector rallies. In the short term, we expect upward pressure on BMNR and BLSH stock prices and increased ETF inflows. Over the long term, this move may bolster valuations across similar staking and exchange platforms. Historical parallels include ARK’s early investments in Coinbase and MicroStrategy, which preceded significant share gains. While direct impact on spot crypto prices is limited, the trades reinforce bullish sentiment in crypto equities.