ARK Invest adds $20M in BitMine, trims Coinbase, Block, Robinhood holdings

Cathie Woods ARK Invest adds $20 million in BitMine shares while scaling back exposure to Coinbase, Block and Robinhood amid its crypto portfolio reshuffle.

Cathie Woods ARK Invest ramped up its exposure to BitMine Immersion Technologies on Monday, purchasing over $20 million worth of shares across three of its actively managed ETFs.

According to ARKs daily trading disclosures, the ARK Innovation ETF (ARKK) acquired 401,318 shares of BitMine, while ARKW and ARKF picked up 128,048 and 43,487 shares, respectively. In total, ARK Invest added 572,853 BitMine shares.

The buying spree came on the heels of BitMines announcement that its Ether (ETH) holdings had exceeded $2 billion in just 16 days. Strategic Ether Reserves shows BitMine as the largest Ether treasury firm with 566,800 ETH, followed by SharpLink Gaming with 360,800 ETH.

The move also follows a $182 million BitMine buy last week. However, despite ARK‘s pivot into the ETH treasury company, its stock has been struggling. BitMine’s stock plunged nearly 27% on Monday before paring losses to close down 11.78%.

BitMine closes the day down by 11%. Source: Google Finance

ARK sells Block, Coinbase, Robinhood Shares

ARK also trimmed its positions in several other crypto-linked stocks. The firm sold a total of 186,417 shares of Block Inc. across ARKK, ARKW, and ARKz, worth around $15 million.

Robinhood was also on the chopping block, with ARKW and ARKF offloading 119,090 shares valued at around $12.7 million. Meanwhile, ARKW sold 18,204 shares of Coinbase, worth nearly $7 million based on Mondays closing price of $379.49.

While Robinhood shares rose 1.83% to close at $106.77, Block dipped 3.11%, and Coinbase slid 3.11%.

Coinbase shares drop 3%. Source: Google Finance

ARK names SOL Strategies as Solana staking partner

On Monday, ARK Invest partnered with Canada-based SOL Strategies to serve as the exclusive staking provider for its Digital Assets Revolutions Fund. The fund, which holds a curated basket of cryptocurrencies, will transition its validator operations to SOL Strategies infrastructure.

SOL Strategies CEO Leah Wald said the firm manages over 3.59 million Solana (SOL) across five validators, with more than 5,700 wallets participating. BitGo, which joined forces with SOL Strategies earlier this year, will also support the partnership.