Cathie Wood Pivots ARK Funds To Ethereum Treasury Strategy
Cathie Wood's ARK Invest is adjusting its fund portfolios, selling 218,986 shares of Coinbase for approximately $90.5 million and 463,293 shares of Roblox for about $57.7 million. The firm purchased 4.4 million shares of Bitmine Immersion Technologies, an Ethereum treasury company, valued at around $174 million, representing 1.5% of each ETF's portfolio. This marks Wood's first acquisition of Bitmine shares since its shift to Ethereum, with the stock rising over 3,000% since the pivot announcement in June. The ARKK fund, with $6.8 billion in assets, remains heavily invested in tech firms like Tesla, Coinbase, and Roblox. The ARKW fund focuses on shifting technologies and has a similar top three. The ARKF fintech fund includes minor ETH exposure through the 3IQ Ether Staking ETF.
