Cathie Wood's $15M Crypto Bet: Sells Bitcoin King Block, Doubles Down On Ethereum Giant Bitmine Immersion

On Tuesday, Cathie Wood-led Ark Invest executed significant trades, focusing on Bitmine Immersion Technologies Inc. BMNR and Block Inc. XYZ. These trades reflect Ark’s strategic positioning in the market amidst evolving financial landscapes.

The Bitmine Trade saw Ark Invest making substantial investments in Bitmine Immersion across multiple ETFs, including Ark Fintech Innovation ETF ARKF, ARK Innovation ETF ARKK, and ARK Next Generation Internet ETF ARKW. This move comes after Bitmine’s recent announcement regarding its Ethereum ETH/USD holdings, which have now surpassed $2 billion.

The shares slipped recently after the filing of a shelf offering to register securities for sale by selling stockholders. The total shares purchased amounted to 477,498, with the closing price of $32, making the transaction worth $15.3 million.

The Block Trade involved Ark Invest reducing its holdings of the Bitcoin BTC/USD-focused company through the ARKF ETF. The Jack Dorsey-led company recently made headlines with its upcoming inclusion in the S&P 500, which led a spike in the shares after the news was revealed.

Ark decided to sell 18,843 shares of Block. The trade was valued at $1.5 million as the stock ended Tuesday at $78.18.

Other Key Trades:

• ARKF acquired 71,334 shares of Zillow Group Inc. (Z).
• ARKG purchased 133,594 shares of ATAI Life Sciences N.V. (ATAI).
• ARKK added 87,248 shares of Veracyte Inc. (VCYT).
• ARKQ bought 58,421 shares of Intuitive Machines Inc. (LUNR) while ARKX purchased 18,843 shares.
• ARKQ sold 27,428 shares of Joby Aviation Inc. (JOBY) and 8,847 shares through ARKX.

Photo Courtesy: T. Schneider on Shutterstock.com

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal