Cathie Wood’s ARK Invest Buys $2M in BitMine Shares, Sells $30M in Tesla

ARK offloads Tesla shares

Meanwhile, ARK sold approximately 71,638 Tesla shares across its funds, a position valued at roughly $30 million based on Tesla‘s closing price of $429.52. The ARKK ETF and ARKW ETF each trimmed holdings in Tesla, which has been one of ARK’s flagship positions since 2018. Teslas stock fell 3.68% on the day.

The move comes as Tesla shareholders have approved CEO Elon Musks nearly $1 trillion pay package, with 75% of voting shares backing the proposal despite opposition from major proxy advisors Glass Lewis and ISS.

The decision, announced at Tesla‘s annual meeting in Austin, Texas, will increase Musk’s control over the company, boosting his ownership from about 13% to 25% if Tesla meets the outlined milestones. The package grants Musk 12 tranches of stock tied to performance goals, starting at a $2 trillion market cap and scaling up to $8.5 trillion.

BitMine sits on $2 billion in losses

BitMine is now sitting on approximately $2.1 billion in unrealized losses tied to its Ether reserves as the recent crypto meltdown has dealt heavy losses to digital asset treasury companies, according to CryptoQuant.

BitMine currently holds nearly 3.4 million ETH, having acquired more than 565,000 over the past month, according to industry data.