Ark Invest, led by Cathie Wood, made significant trades on Monday. Notably, the firm increased its stake in Bitmine Immersion Technologies Inc. BMNR and Advanced Micro Devices Inc. AMD while reducing its holdings in Coinbase Global Inc. COIN and Block Inc. XYZ. These trades reflect Ark’s strategic adjustments amid evolving market conditions.
The Bitmine Immersion Trade: Ark Invest made a substantial investment in Bitmine Immersion through Ark Fintech Innovation ETF ARKF, ARK Innovation ETF ARKK, and ARK Next Generation Internet ETF ARKW. This move comes after Bitmine’s Ethereum ETH/USD holdings surpassed $1 billion recently, following a $250 million private placement. Ark’s acquisition of over 4.4 million shares highlights its confidence in Bitmine’s strategic pivot to an Ethereum treasury strategy. The total value of this purchase amounts to approximately $174.9 million, based on the latest closing price of $39.57. In the last 30 days, BMNR stock has shot up a whopping 799.3%. The stock has been on a tear after Peter Thiel's Founders Fund Growth II Management disclosed a 9.1% stake in the company.
The Coinbase Trade: Ark Invest reduced its position in Coinbase Global Inc COIN on July 21, selling shares across ARKF, ARKK, and ARKW. This decision follows Coinbase’s recent surge to a new 52-week high, driven by a bullish analyst revision and positive legislative developments. Analyst Chris Brendler from Rosenblatt recently raised his price target for Coinbase to $470, reflecting increased confidence in the company’s market position. Ark’s sale of 218,986 shares is valued at approximately $90.6 million, based on the latest closing price of $413.63.
The Block Trade: On the same day, Ark Invest also decreased its stake in Block Inc. (XYZ) within its ARKF ETF. Block’s shares have been on the rise, gaining 15.5% over the last 5 days as the Jack Dorsey-led company prepares to join the S&P 500. Over the last 24-hours, the stock has moved up 7.22%. This move underscores Block’s growing influence in the fintech space, bolstered by its significant Bitcoin BTC/USD holdings. Ark’s sale of 90,061 shares is valued at approximately $70.3 million, based on the $78.08 closing price.
The AMD Trade: Ark Invest showed confidence in the chipmaker by purchasing shares for its ARKF and ARKW ETFs. Investment expert Jim Cramer recently endorsed AMD, highlighting its positive trajectory amid a volatile tech sector. Ark’s acquisition of 32,846 shares is valued at approximately $5.16 million, based on the $157 closing price.
Other Key Trades:
- Sold 109,824 shares of Robinhood Markets Inc. (HOOD) via ARKW worth $11.5 million.
- Sold shares of Roblox Corp (RBLX) across ARKF, ARKK, and ARKW.
- Bought shares of DoorDash Inc (DASH) in ARKW and ARKF.
- Bought shares of Airbnb Inc (ABNB) in ARKW.
- Bought 4,161 shares of Deere & Co (DE) in ARKX.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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