Cathie Wood’s ARK Invest is making it clear: crypto-related stocks remain central to its high-conviction strategy.
The firm’s latest moves add millions of dollars in exposure to Bullish, the recently listed exchange operator, and BitMine Immersion Technologies, one of Ethereum’s most aggressive corporate buyers.
ARK’s trade disclosures show new investments spread across its three core funds: the Innovation ETF (ARKK), the Next Generation Internet ETF (ARKW), and the Fintech Innovation ETF (ARKF). Together, the ETFs funneled more than $23 million into the two crypto names.
The purchases follow August’s splashy IPO debut of Bullish, where ARK quickly became one of the largest institutional buyers, putting down roughly $172 million on day one. That deal raised $1.1 billion, cementing Bullish’s place among the most-watched listings of 2025.
Bullish’s stock has held investor attention since its debut, climbing another 6% this week. The company’s reach extends well beyond trading: it owns CoinDesk and operates licensed entities in hubs like Hong Kong, Singapore, and Gibraltar. Unlike peers that chose SPAC deals earlier in the cycle, Bullish went the traditional IPO route, signaling a desire for credibility with mainstream capital markets.
At the same time, BitMine has been quietly executing one of the most aggressive Ethereum accumulation strategies in corporate finance. The company just added $65 million in ETH through over-the-counter purchases handled by Galaxy Digital, bringing its holdings to more than 1.5% of all Ether in circulation. Importantly, BitMine has emphasized that all of its acquisitions are funded with cash — no leverage involved.
The timing is notable: exchange reserves of Ether are down almost 40% since 2022, squeezed by both institutional buying and ETF activity. In that context, BitMine’s balance sheet represents a direct bet on Ethereum scarcity.
Wood’s continued purchases suggest a deliberate two-pronged strategy: buy into the firms accumulating core assets like ETH, and back the platforms running the trading infrastructure. Together, Bullish and BitMine give ARK exposure to both the pipes and the fuel of the digital asset economy.
For ARK investors, it’s another signal that Wood is not backing away from crypto volatility. Instead, she’s leaning further in — a move that could pay off handsomely if Ethereum adoption accelerates and crypto-native exchanges carve out a bigger share of global markets.
