ARK Invest Doubles Down on BitMine While Trimming Tesla Holdings – A Bold Crypto Pivot
ARK Invest makes a power move—ramping up crypto exposure as legacy bets shrink.
Bullish on blockchain, bearish on batteries? Cathie Wood's fund shifts gears with a controversial BitMine accumulation while scaling back Tesla positions. The move signals a calculated reallocation from EV hype to digital asset infrastructure.
Wall Street analysts scratch heads as ARK's crypto conviction outweighs its faith in Elon's empire. One thing's clear: when traditional markets wobble, the smart money builds moats around blockchain real estate.
Because nothing says 'financial foresight' like dumping auto stocks for imaginary internet money—just ask the 2021 NFT bagholders.
JPMorgan Expands Bitcoin ETF Holdings as Institutional Interest Grows
The reduction followed news that Tesla shareholders approved CEO Elon Musk’s nearly $1 trillion compensation package, with 75% voting in favor. The plan grants Musk 12 tranches of stock options tied to performance milestones, potentially increasing his ownership from 13% to 25% if Tesla reaches market valuations between $2 trillion and $8.5 trillion.
While ARK’s Tesla trimming caught attention, the growing interest in BitMine may signal Wood’s conviction in Ethereum’s long-term value. BitMine currently holds about 3.4 million ETH, having accumulated over 565,000 tokens in the past month alone, according to industry data. However, the company’s aggressive strategy hasn’t been without setbacks – it reportedly faces around $2.1 billion in unrealized losses from its ETH holdings after the recent crypto market downturn, according to CryptoQuant.
Despite the paper losses, ARK’s latest investment indicates confidence that Ether’s recovery and broader institutional adoption could eventually turn BitMine’s balance sheet into an asset rather than a liability.
