Summary
- Ark Invest said it purchased additional shares of BitMine totaling about $9 million even as the stock plunged 9.8%.
- Ark Invest said it plans to adjust its holdings to keep BitMine's weighting below 10% of any fund in accordance with internal rules.
- It said BitMine's stock fell 42.5% over the past month but is still up 769% since the announcement of the Ethereum strategy treasury.
Ark Invest, led by Cathie Wood, purchased additional shares of BitMine (BMNR), an Ethereum strategy treasury company, amounting to $9 million despite a sharp decline in its stock price.
On the 7th (local time), The Block reported that Ark Invest newly purchased 240,507 shares (about $9 million) of BitMine through three exchange-traded funds (ETFs) that day. BitMine's stock plunged 9.8% the previous day, closing at $37.37.
Specifically, ARK Innovation ETF (ARKK) bought 167,348 shares ($6.3 million), ARK Next Generation Internet ETF (ARKW) bought 48,361 shares ($1.8 million), and ARK Fintech Innovation ETF (ARKF) bought 24,798 shares ($927,000)**.
Ark Invest maintains a principle that individual holdings do not exceed 10% of a fund, and will therefore continue to adjust weightings according to BitMine's stock fluctuations.
According to disclosure documents, BitMine is the 13th largest holding in ARKK (weight 2.3%) and is valued at about $175 million. It also ranks 13th (2.3%) and 14th (2.4%) in ARKW and ARKF, respectively.
BitMine's stock has plunged 42.5% over the past month but has risen 769% since announcing its Ethereum strategy treasury (ETH Treasury) plan at the end of June. It is currently up 1% in the premarket.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
