Cathie Wood's ARK Invest executed significant portfolio adjustments on July 28, purchasing $20 million worth of BitMine Immersion Technologies shares across three ETFs: ARKK (401,318 shares), ARKW (128,048 shares), and ARKF (43,487 shares). This acquisition follows BitMine's recent announcement of accumulating 566,800 ETH ($2 billion+) in just 16 days, making it the largest corporate Ethereum treasury holder.
Concurrently, ARK divested $15 million in Block Inc. (186,417 shares), $12.7 million in Robinhood (119,090 shares), and $7 million in Coinbase (18,204 shares). Despite ARK's backing, BitMine shares closed down 11.78% amid broader market volatility, while Coinbase and Block shares fell ~3%.
Separately, ARK partnered with SOL Strategies to handle staking for its Digital Assets Revolutions Fund. SOL Strategies CEO Leah Wald confirmed they manage 3.59 million Solana (SOL) across 5,700+ wallets, with BitGo providing infrastructure support. Cathie Wood emphasized the strategic shift, stating: "Proceeds from the sale will be used to buy Ether," highlighting institutional confidence in Ethereum's treasury potential.