The prominent asset management firm has made an unexpected move by reorganizing some of its managed assets. Currently, ether is witnessing a surge in institutional interest, fueled by the increasing trend of companies establishing ETH treasuries. Asset Portfolio Reorganization Cathie Wood, the CEO and founder of ARK Invest, has reallocated the companys portfolio, opting to sell certain stocks to invest in the ETH-focused firm, Bitmine Immersion Technologies , led by Fundstrats Tom Lee. This marks ARK Invest’s initial acquisition of Bitmine shares since transitioning its focus from Bitcoin to an Ethereum treasury strategy. ARK’s three managed funds the ARK Innovation ETF , Next Generation Internet ETF , and Fintech Innovation ETF collectively sold 218,986 shares of Coinbase , worth about $90.5 million. This marks the third instance of Coinbase stock sales by the company within the past month. The trading update from Monday also revealed the sale of 463,293 shares of the gaming company Roblox , valued at roughly $57.7 million, from the portfolio. The funds collectively purchased 4.4 million shares of BMNR, worth approximately $174 million, now making up 1.5% of each ETF individually. Other notable transactions mentioned in the update include converting Robinhood and Block Inc. stocks to Bitmine and acquiring various other company stocks, such as AMD, DoorDash, Airbnb, among others. Source: ARK Invest Bitmine Immersion Tech, under Tom Lee’s leadership, holds the second-largest Ether reserves globally, with more than 300,000 ETH valued at approximately $1.1 billion, as reported by StrategicEthReserve. It ranks just behind SharpLink Gaming, which holds 360.6K ETH. Ethereum Gaining Prominence ARK, led by Wood, is not alone in its renewed focus on the world’s largest altcoin. Bit Digital Inc., listed on NASDAQ , previously a Bitcoin mining firm, has transitioned to an Ethereum-centric treasury after raising $172 million from public equity and liquidating its 280 BTC holdings. Subsequently, the company amassed around 100,603 ETH. SBET, mentioned earlier, built its reserve by securing $425 million through a private placement and an additional $79 million via an at-the-market equity offering. The original piece titled “Cathie Woods ARK Offloads Coinbase and Roblox to Back Tom Lees ETH Venture” was first published on CryptoPotato.
Cathie Wood’s ARK Sells Coinbase and Roblox Shares to Invest in Tom Lee’s Ethereum Initiative
