Ark Invest Rebalances Portfolio, Acquires BitMine Stock and Sells Robinhood
Ark Invest has rebalanced its portfolio, purchasing 101,950 shares of BitMine Immersion Technologies (BMNR) for $4.3 million while selling shares of Robinhood Markets Inc. (NASDAQ: HOOD).
Key Developments
- Ark Invest increased its exposure to BMNR, a company known for its large Ethereum holdings.
- The acquisition was disclosed in Ark's September 8 daily trade report and spread across three ETFs.
- Following the purchase, BMNR stock rose over 4% to close at $43.79 and reached a pre-market value of $45.19.
- BitMine holds over two million Ethereum, representing about 1.7% of total supply, establishing it as the largest corporate holder of Ethereum.
- Ark offloaded approximately 43,728 shares of Robinhood from its ARK Next Generation Internet ETF, valued at around $5.1 million.
- This sale occurred despite Robinhood's recent addition to the S&P 500 index, which previously boosted its stock by 16%.
- Ark also sold roughly 10,000 shares of Teradyne during this period.
These moves reflect Ark's confidence in the potential of Ethereum and its associated assets.