ARK Invest Restructures ETFs to Load Up on Bitmine Immersion Technologies (BMNR)
Cathie Wood’s ARK Invest is making a bold move into Ethereum. In a surprising portfolio shake-up, ARK has sold off shares in Coinbase, Roblox, and Robinhood to purchase a significant stake in Bitmine Immersion Technologies (BMNR)—an Ethereum-focused firm chaired by Fundstrat’s Tom Lee.
According to ARK’s July 21 trading update, three of its flagship ETFs—ARKK (Innovation), ARKW (Next Gen Internet), and ARKF (Fintech)—sold a combined:
- 218,986 Coinbase (COIN) shares (~$90.5M)
- 463,293 Roblox (RBLX) shares (~$57.7M)
Simultaneously, they acquired 4.4 million BMNR shares worth roughly $174 million, making Bitmine a 1.5% position in each ETF.
Bitmine: From Bitcoin to Ethereum—and 3,000% Gains
Bitmine has seen a meteoric rise after pivoting from Bitcoin to Ethereum in June. Its stock price surged over 3,000%, peaking at $135 on July 3, before settling near $39.57—still up more than 400% YTD, according to Google Finance.
The company’s Ethereum-centric strategy has also attracted billionaire Peter Thiel, who recently bought a 9.1% stake.
“Bitmine is now emerging as a high-beta proxy for Ethereum’s institutional future,” said a fund strategist familiar with the matter.
ARK’s Bets: From Bitcoin to Ether
The shift suggests that ARK is diversifying away from Bitcoin exposure, especially as it sold 225,742 shares of the ARK 21Shares Bitcoin ETF (ARKB) on July 16.
While Coinbase, Tesla, and Circle still dominate the ARKK and ARKF portfolios, this is the first direct ETH-focused play for ARK’s core ETFs.
“Ethereum’s role as a programmable asset is gaining serious institutional weight,” added Fundstrat’s Tom Lee.
Why It Matters
Cathie Wood is known for making high-conviction bets on disruptive innovation. Her pivot toward Bitmine suggests rising confidence in Ethereum’s long-term dominance—mirroring broader market trends where Ethereum use cases are outpacing Bitcoin’s store-of-value narrative.
Bottom Line
With $6.8 billion AUM in ARKK alone, ARK’s buy-in to Bitmine signals institutional belief in Ethereum’s growing role in finance.
Cathie Wood may have just made her biggest ETH bet yet.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.