ARK Invest, led by Cathie Wood, significantly expanded its exposure to crypto-linked equities on Friday with a $23.5 million purchasing spree. The firm acquired over 387,000 shares of BitMine Immersion Technologies and 144,000 shares of Bullish across three of its actively managed ETFs: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
The Innovation ETF (ARKK) took the largest share, adding 257,108 BitMine shares and 81,811 Bullish shares, with smaller allocations made by ARKW and ARKF. The allocations are valued at approximately $16 million in BitMine and $7.5 million in Bullish at current market prices.
This move builds on ARK's major August position when it bought 2.53 million Bullish shares worth roughly $172 million during the exchange's Nasdaq debut. Bullish raised $1.1 billion in one of the year's largest IPOs, soaring nearly 84% on its first day. The firm, which also owns CoinDesk, operates regulated exchange entities in Hong Kong, Gibraltar, Singapore, and the U.K., and reported $1.8 billion in trading volume in July.
BitMine is emerging as a corporate heavyweight in Ethereum accumulation. Last week, it disclosed $65 million in ETH purchases, bringing its total holdings to more than 1.5% of circulating supply—valued at over $6.3 billion. This concentration makes BitMine one of the most aggressive single-token corporate investors, surpassing peers outside bitcoin-focused firms like MicroStrategy.
The timing coincides with strong 2025 crypto markets, with bitcoin up 62% year-to-date and ether up 49%. ARK's positions suggest confidence that institutional adoption will accelerate as regulatory clarity improves, particularly following the approval of spot ether ETFs in the U.S. in July, which attracted more than $12 billion in inflows within two months.