ARK Invest founder and CEO Cathie Wood has made significant adjustments to the firm's fund portfolios, selling off some crypto and fintech shares in favor of a pivot to an Ethereum treasury company chaired by Fundstrat's Tom Lee.
Wood's ARK Innovation ETF, Next Generation Internet ETF, and Fintech Innovation ETF have sold nearly 220,000 Coinbase shares valued at around $90.5 million, as well as over 460,000 shares in gaming company Roblox worth $57.7 million. In contrast, the funds purchased 4.4 million shares of Tom Lee's Ethereum treasury firm, Bitmine Immersion Technologies (BMNR), totaling approximately $174 million.
Since announcing the shift from Bitcoin to Ether in late June, Bitmine stock has surged over 3,000% to reach an all-time high of $135 on July 3. Despite some cooling off to $39.57, the stock remains up over 400% since the beginning of the year. Billionaire venture capitalist Peter Thiel recently acquired a 9.1% stake in the firm, indicating growing interest in the company.