ARK Invest has ramped up its exposure to crypto-linked equities, scooping up more BitMine Immersion Technologies and Bullish shares across several of its exchange-traded funds as markets continued to slide.
According to ARK’s daily trade disclosures from Friday, the ARK Fintech Innovation ETF (ARKF) added 18,089 shares of BitMine, the ARK Next Generation Internet ETF (ARKW) purchased 34,637 BitMine shares, while the ARK Innovation ETF (ARKK) added 116,681 — bringing the total purchases for the day to 169,407 shares, worth roughly $5.83 million.
Separately, ARKF bought 8,063 Bullish shares, ARKW added 15,441 shares and ARKK acquired 52,011 shares. This brings ARK’s total Bullish purchases for the day to 75,515 shares, valued at approximately $2.91 million.
The renewed accumulation came on a day when both stocks faced heavy selling. Bullish closed down 6.19% at $38.48, while BitMine fell nearly 6% to $34.40. Both saw slight recoveries in after-hours trading.
Related: Cathie Wood’s ARK bags $46M of Circle stock as price dips below $90
ARK on crypto buying spree
ARK’s latest acquisitions come as the company has been on a crypto buying spree. The firm accumulated 542,269 Circle (CRCL) shares over a two-day period last week, spending roughly $46 million.
The purchases, $30.4 million on Wednesday and $15.5 million on Thursday, came as CRCL continued its decline, closing at $86 and then $82.30. These are ARK’s first Circle buys since June, when the firm sold around 1.7 million shares at an average of $200, booking $352 million.
Alongside Circle, ARK has also been adding to its position in BitMine. On Thursday, ARK acquired 242,347 BitMine shares for about $8.9 million as the stock dipped below $37.
Related: Cathie Wood’s ARK Invest adds BitMine shares as it offloads $30M in Tesla stock
BitMine shakes up leadership as its Ether treasury tops $11B
As Cointelegraph reported, BitMine has replaced its chief executive as the company cements its position as the largest Ether-holding public firm. The firm announced that Chi Tsang will take over from Jonathan Bates. The company also named three new independent board members.
The move comes as more than 3.5 million Ether (ETH), valued at over $11 billion, now sit in BitMine’s treasury. Originally a crypto-mining business, BitMine has shifted into a major institutional holder of Ethereum, drawing comparisons to Michael Saylor’s Bitcoin-focused strategy.
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