ARK Invest boosts crypto bets with $16M BitMine, $7.5M Bullish stock buys

Cathie Wood’s ARK Invest has continued its crypto stock shopping spree, adding more shares of BitMine Immersion Technologies and crypto exchange Bullish across its flagship ETFs.

According to trade disclosures from Friday, ARK’s Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF) collectively bought over 387,000 shares of BitMine and 144,000 shares of Bullish.

Based on recent market prices, the purchases amount to roughly $16 million in BitMine and $7.5 million in Bullish stock.

The biggest BitMine buy came from ARKK with 257,108 shares, followed by ARKW with 83,082 and ARKF with 47,135. For Bullish, ARKK again led with 81,811 shares, while ARKW and ARKF added 39,597 and 22,498 shares, respectively.

Related: Cathie Wood’s ARK Invest buys another $15M of ETH firm BitMine

ARK continues to buy Bullish

The latest round of allocations builds on ARK’s August move, when the firm scooped up 2.53 million Bullish shares on its first trading day, investing about $172 million across all three ETFs.

As reported, Bullish’s stock surged 83.8% during its IPO session and raised $1.1 billion, making it one of the year’s most-watched public listings in crypto.

Bullish shares were up 6% on Friday. Source: Google FinanceBullish, which owns CoinDesk and operates a global crypto exchange, went public via a traditional IPO after its 2021 SPAC deal collapsed. The company runs regulated entities across Hong Kong, Gibraltar, Singapore, the UK and other jurisdictions.

Related: CoinDesk owner Bullish ups IPO goal to $1B as Wall Street backs crypto push

BitMine adds $65M in ETH

On Thursday, BitMine, the largest corporate holder of Ether (ETH), purchased another $65 million worth of ETH through six OTC transactions via Galaxy Digital. This latest acquisition pushes BitMine’s holdings to more than 1.5% of Ethereum’s circulating supply, all bought with cash and no leverage.

The buy comes as centralized exchanges face a significant Ether supply squeeze, with reserves down 38% since 2022 due to rising institutional accumulation and ETF activity.

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