You know Cathie Wood, right? The big shot at ARK Invest, the one who always seems to be playing 3D chess while the rest of us are still figuring out checkers.
Well, she just made a move that’s got everyone talking, and let me tell you, it’s a doozy.
She’s been shaking up her ETF portfolios, specifically the ARK Innovation ETF, Next Generation Internet ETF, and Fintech Innovation ETF.
And it ain’t no small tweak, it’s a whole new play in the world of Ethereum.
Bitmine Immersion Technologies
Now, for a while there, it felt like she was all in on some of the big names we’ve come to know. But lately, things have been shifting.
She just offloaded a hefty chunk of Coinbase shares, 218,986 of ’em, to be exact, worth about $90.5 million.
And don’t forget Roblox! She dumped 463,293 shares of that gaming giant, cashing in $57.7 million.
Some people might be scratching their heads, thinking, what gives, Cathie? But it looks like this isn’t just some random selling spree.
No, no, no. She wasn’t just clearing house, but making room for a new star, Bitmine Immersion Technologies.
This is an Ethereum treasury firm, and get this, it’s chaired by none other than Fundstrat’s Tom Lee.
Her funds scooped up a massive 4.4 million shares of Bitmine, totaling around $174 million.
This move means Bitmine now takes up about 1.5% of each of these ARK ETFs’ portfolios. It’s like she’s traded in her old reliable sedan for a souped-up, futuristic ride.
ATH
This isn’t the first time Bitmine has caused a stir, either. This company recently announced it was shifting its focus from Bitcoin to Ethereum, and since then, its stock has gone absolutely bonkers.
It shot up over 3,000% to an all-time high of $135 back in early July! Even though it’s cooled down a bit to around $39.57, it’s still up over 400% since the start of the year.
And if that wasn’t enough to raise eyebrows, the legendary venture capitalist Peter Thiel just bought a 9.1% stake in the firm.
It’s like everyone’s suddenly noticed the quiet kid in the corner who just turned into a rockstar.
Don’t be afraid
Now, don’t get it twisted. ARK’s funds, especially the ARKK fund with its $6.8 billion under management, are still big on tech titans like Tesla, which makes up almost 10% of its holdings.
Coinbase and Roblox, even with the recent sell-off, are still major players in the portfolio. And they’ve even got a chunk of stablecoin issuer Circle.
But this latest move? It shows that Cathie Wood isn’t afraid to pivot, to jump on what she sees as the next big thing, especially when it comes to the crypto.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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