Ark Invest Adjusts Portfolio by Selling Robinhood Shares
In a strategic move as part of its regular portfolio rebalancing, Ark Invest has divested over 40,000 shares of Robinhood. The asset management firm has also invested $4.3 million in BitMine stock to enhance its portfolio. BitMine is particularly notable for its significant holdings in Ethereum, claiming a portfolio of up to 2 million ETH.
Ark Invest Acquires BitMine Stock
Cathie Wood’s Ark Invest has undertaken a standard rebalancing of its portfolio, which has resulted in the acquisition of shares from BitMine Immersion Technologies (BMNR). The firm has reduced its position in Robinhood Markets Inc. (NASDAQ: HOOD), a stock that was recently included in the S&P 500 index, to facilitate this move. The purchase of 101,950 shares of BMNR, valued at $4.3 million, has increased Ark Invest’s exposure to the Ethereum-focused BitMine.
BMNR Stock Sees Price Surge
Following Ark Invest’s acquisition, BMNR shares experienced a notable increase of over 4%, closing at $43.79, according to Yahoo Finance data. The stock continued to rise slightly during after-hours trading, reaching a pre-market value of $45.19, reflecting a 3.08% uptick. This acquisition is part of a broader trend of aggressive buying by Ark Invest in recent times.
BitMine’s Ethereum Holdings
BitMine’s strong connection to Ethereum (ETH) suggests that this may mark a pivotal moment for Ark Invest. The company is recognized as the largest corporate holder of Ethereum, with over two million ETH in its possession, acquired at an average price of $4,312 per coin. This figure constitutes about 1.7% of Ethereum’s total supply. Additionally, BitMine announced a strategic investment of $20 million into Eightco Holdings, acquiring 13,698,630 shares at $1.46 each. The substantial Ethereum reserves make BMNR a prominent stock within the blockchain sector, indicating Ark Invest’s potential confidence in Ethereum’s future value.
Ark Invest Reduces Position in Robinhood
Ark Invest has sold approximately 43,728 shares of Robinhood from its ARK Next Generation Internet ETF (ARKW), marking this as a significant shift in its investment strategy, with a value around $5.1 million. This decision may have surprised market observers, especially as Robinhood was recently confirmed to be joining the S&P 500 index, which led to a 16% increase in its stock price, closing at $117.28. Interestingly, Michael Saylor’s company was also considered for inclusion in the index but was ultimately rejected despite its extensive Bitcoin holdings.
Ark Invest’s Broader Selling Activity
In conjunction with the Robinhood shares sale, Ark Invest also disposed of about 10,000 shares of Teradyne during the same timeframe. The investment in BitMine’s BMNR is expected to generate increased interest in the stock in the coming weeks, particularly if Ethereum continues to experience upward momentum.
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