Cathie Wood-led Ark Invest executed several significant trades on Wednesday, with notable activity in Bitmine Immersion Technologies, Coinbase, Bullish, and Shopify. These trades reflect Ark’s strategic positioning in the evolving technology and cryptocurrency sectors.
The Bitmine Immersion Trade
Ark Invest made a substantial purchase of Bitmine Immersion shares across ARK Blockchain & Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK), and ARK Next Generation Internet ETF (BATS:ARKW). The firm acquired a total of 478,125 shares, valued at approximately $14.01 million based on the closing price of $29.32.
The Tom Lee-led Bitmine has been under pressure due to a broader sell-off in the cryptocurrency market, with Ethereum (CRYPTO: ETH) prices impacting its stock value. The Ethereum treasury firm is facing selling pressure as prices of ETH decline. The company said it held 3.97 million ETH—over 3.2% of global supply—with total holdings of $13.3 billion and a target of owning 5% of all ETH.
Leading cryptocurrencies fell sharply on Wednesday alongside stocks as investors awaited the CPI report, with Bitcoin (CRYPTO: BTC) dropping about 2% to near $86,000 and Ethereum sliding over 4% to around $2,826. More than $530 million was liquidated across the crypto market in 24 hours, while sentiment remained in "Extreme Fear."
Notably, Wood has been on a crypto stock buying spree. On Monday, she had picked up 550,404 shares of Bitmine Immersion, along with Bullish, Block and shares of her own ARK21Shares Bitcoin ETF. The Monday Bitmine transaction was valued at $17.03 million.
The Coinbase Trade
Ark Invest also increased its stake in Coinbase, acquiring 24,198 shares through its ARKF, ARKK, and ARKW ETFs. This purchase is valued at approximately $5.9 million.
On Wednesday, Coinbase announced new features, including stock trading and tokenized trading, which could enhance its platform’s appeal and drive future growth.
The Bullish Inc. Trade
Ark Invest’s purchase of Bullish shares totaled 209,886 across its ARKF, ARKK, and ARKW ETFs, valued at approximately $8.8 million.
Bullish recently reported strong third-quarter earnings, surpassing revenue expectations and maintaining momentum in the digital asset space. In November, the Peter Thiel-backed cryptocurrency-trading platform reported revenue of $76.5 million, topping estimates, while adjusted earnings of 10 cents per share met expectations. The company said growth carried into the fourth quarter and guided subscription and services revenue of $47 million to $53 million, despite a year-over-year decline in digital asset sales.
The Shopify Trade
Ark Invest reduced its holdings in Shopify, selling 65,302 shares across ARKF, ARKK, and ARKW ETFs, valued at approximately $10.6 million.
Shopify has shown robust growth, with a record $14.6 billion in sales during the Black Friday–Cyber Monday weekend. Shopify recently reported fiscal third-quarter revenue growth of 32% year over year to $2.84 billion, beating estimates, while adjusted EPS of 34 cents met expectations. Analysts maintained bullish views on Shopify after earnings, with BMO Capital keeping an Outperform rating and raising its price target to $190, while Morgan Stanley reiterated an Overweight rating and lifted its target to $192.
Benzinga Edge Stock Rankings show that Shopify has a Value in the 5th percentile. Here is how it ranks against Amazon.
Other Key Trades:
Sold 98,223 shares of Roku (NASDAQ:ROKU) across ARKF, ARKK, and ARKW.
Sold 310,548 shares of DraftKings (NASDAQ:DKNG) across ARKF, ARKK, and ARKW.
Bought 2,078,907 shares of Recursion Pharmaceuticals (NASDAQ:RXRX) across ARKG and ARKK.
Bought 930,566 shares of Brera Holdings (NASDAQ:SLMT) across ARKF, ARKK, and ARKW.
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