ARK Invest has restructured three ETFs, selling Coinbase and Roblox shares to buy 1.5% stakes in Ethereum treasury firm Bitmine across its portfolios.
ARK Invest founder and CEO Cathie Wood is tweaking the firm’s fund portfolios, shifting some crypto and fintech shares in a pivot to an Ethereum treasury company chaired by Fundstrat’s Tom Lee.
Cathie Wood’s ARK Innovation ETF, Next Generation Internet ETF and Fintech Innovation ETF have sold 218,986 Coinbase (COIN) shares worth around $90.5 million and 463,293 shares in gaming firm Roblox (RBLX) worth $57.7 million, according to a daily trading update on Monday.
At the same time, the three funds purchased 4.4 million shares of Tom Lee’s Ethereum treasury firm, Bitmine Immersion Technologies (BMNR), worth around $174 million, which now comprise 1.5% of each of the ETF’s portfolios.
The firm also shifted Robinhood and Block Inc. stock in favor of Bitmine and other firms such as AMD, Doordash and Airbnb.
The latest purchase marks Wood’s first acquisition of Bitmine shares since its pivot to Ethereum.
Since announcing its plans to ditch Bitcoin for Ether in late June, Bitmine stock skyrocketed more than 3,000% to an all-time high of $135 on July 3, according to Google Finance.
It has since cooled to $39.57 but remains up more than 400% since the beginning of this year. Billionaire venture capitalist Peter Thiel scooped up a 9.1% stake in the firm last week.
The ARKK fund, which is themed on investments in “disruptive innovation” and has $6.8 billion in assets under management, is still heavy on tech firms such as Tesla, which comprises 9.7%, while Coinbase and Roblox remain the second and third largest assets in the portfolio. It also holds around 5% in stablecoin issuer Circle.
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The ARKW fund, focused on shifting technologies and cloud infrastructure with $2 billion AUM, has Robinhood, Coinbase and Tesla as its top three and also includes minor holdings in e-commerce and social media firms such as Meta, Shopify and Amazon.
The fund also offloaded 225,742 shares of the ARK 21Shares Bitcoin ETF (ARKB) on July 16.
The $1.2 billion AUM ARKF fintech-themed fund comprises Shopify, Robinhood and Coinbase as its top three, with investments in Circle, Block, eToro and PayPal.
It is the only one of the three funds with indirect ETH exposure with 1.15% allocated to the 3IQ Ether Staking ETF.
