ARK Invest Sells Tesla for BitMine to Boost Ethereum
ARK Invest has shifted capital from Tesla into BitMine, purchasing 48,454 shares of Tom Lee’s Ether treasury firm across its ARKK, ARKF and ARKW ETFs for roughly $2 million. The firm also sold about 71,638 Tesla shares worth $30 million, trimming long-held positions after shareholders approved Elon Musk’s $1 trillion, market-cap-linked pay package.
Since April, ARK’s funds have accumulated nearly 3.4 million ETH as part of a broader Ethereum strategy. BitMine shares jumped 7.65% in after-hours trading to $40.23, marking a 415% year-to-date gain despite approximately $2.1 billion in unrealised Ether losses. Trading around $3,200, Ethereum continues to attract institutional demand for treasury management and portfolio diversification, underscoring ARK Invest’s confidence in the token amid recent market pullbacks.
Bullish
ARK Invest’s decision to purchase BitMine shares and accumulate 3.4 million ETH underscores rising institutional demand for Ethereum. Redirecting $30 million from Tesla into an Ether treasury firm signals confidence in Ethereum’s role as a corporate treasury asset, likely supporting upward price momentum in the near term.
Despite BitMine’s $2.1 billion unrealised losses and short-term market pullback, the firm’s sustained accumulation reflects a long-term bullish stance. This large-scale buying by a prominent fund can provide positive sentiment and liquidity, potentially leading to further price appreciation for Ethereum.