ARK Invest increases its bets on cryptocurrencies with $16 million for BitMine and $7.5 million for bullish stock purchases

ARK Invest of Cathie Wood continues to expand its cryptocurrency portfolio by purchasing additional shares of BitMine Immersion Technologies and the Bullish exchange for its leading ETF funds. According to data from September 5, ARKK, ARKW, and ARKF have acquired over 387,000 shares of BitMine valued at approximately 16 million USD and 144,000 shares of Bullish worth 7.5 million USD. Among these, ARKK is leading with over 257,000 shares of BitMine and 81,000 shares of Bullish. This move follows the August deal, when ARK spent 172 million USD to buy 2.53 million shares of Bullish on its IPO day, helping the company raise 1.1 billion USD. Meanwhile, BitMine – the largest holder of ETH – has just added another 65 million USD in ETH through Galaxy Digital, increasing its ownership to over 1.5% of the circulating supply. Notably, the entire transaction was conducted in cash, with no leverage, amid a backdrop of ETH reserves on centralized exchanges decreasing by 38% since 2022.