Ark Invest, the asset-manager led by Cathie Wood, bought 339,113 shares of cryptocurrency-focused BitMine Inc
Ark Invest, the asset-manager led by Cathie Wood, bought 339,113 shares of cryptocurrency-focused BitMine Inc. (ticker BMNR) on 27 Aug., spending roughly $15.6 million as the stock traded near $45. The purchase came after a recent pull-back in the shares and lifted Ark’s exposure to the company, which describes itself as a treasury vehicle holding large reserves of Ether.
BitMine’s price has been largely unchanged this month even as Ether rose from about $3,900 on 8 Aug. to around $4,600, close to record highs. Traders said Ark’s move signals continued institutional interest in firms tied to Ethereum’s performance.
The transaction extends a busy week for Ark’s exchange-traded funds. The firm boosted its holding in Advanced Micro Devices by 91% while trimming its position in Palantir Technologies by 36%, reflecting an ongoing rotation toward companies viewed as beneficiaries of the expanding market for artificial-intelligence hardware.
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Source: https://thedefiant.io/news/markets/ark-invest-adds-15-6-million-bitmine-shares-slide-2c63796d
