ARK Invest Doubles Down on BitMine—Dumps $30M Tesla Shares in Bold Crypto Pivot
ARK Invest just made a power move—ramping up BitMine exposure while dumping Tesla shares like last year's tech fad. Here's why crypto's eating Wall Street's lunch.
The Big Unload
$30 million in Tesla stock hits the sell button. Meanwhile, Bitcoin miners get a fresh vote of confidence. Classic Cathie Wood: zig when others zag.
Crypto's Institutional Endgame
Traditional finance keeps clutching its pearls, but the smart money’s stacking SATs. Another quarter, another ‘hedge against inflation’ narrative proven right—while fiat currencies play catch-up.
The Punchline
Wall Street still thinks crypto’s a sideshow. Meanwhile, ARK’s playing 4D chess with their balance sheet. Bonus jab: Tesla shares? So 2024. The real alpha’s in digital scarcity.
Wood’s ARK Invest shifts its interest towards BitMine from Tesla
Since April of this year, Wood’s ARK Invest has begun purchasing more shares of BitMine, thereby increasing its stake in the company. At the time, the company expected BitMine to shift towards the ethereum treasury strategy officially. However, the firm began gathering ETH as a treasury asset in late June 2025, and the initiative officially launched on June 30, 2025.
Following ARK’s decision to invest in the company, data from Google Finance revealed that BitMine shares soared by 7.65%, reaching an all-time high of $40.23 in after-hours trading. Additionally, the stock has increased an impressive 415% since the beginning of the year. In the meantime, ARK sold approximately 71,638 Tesla shares across its funds, a position valued at roughly $30 million based on Tesla’s closing price of $429.52.
A handful of analysts also expressed views about the developments. After conducting some research, they observed that ARK’s decision had followed Tesla shareholders’ approval of a nearly $1 trillion pay package for Elon Musk, the company’s chief executive. Oddly enough, about 75% of the voting shares for the proposal were in favor – despite significant concerns raised by high-profile proxy advisors like ISS and Glass Lewis.
The announcement was made at Tesla’s annual meeting in Austin, Texas. Musk indicated that he WOULD now increase his stake by approximately 13% to as much as 25%, which will give him more influence over the company.
On the other hand, the compensation package comprises 12 portions of stock connected to performance targets that range from a $2 trillion market cap up to $8.5 trillion.
Data from CryptoQuant indicates BitMine is facing about $2.1 billion in unrealized losses on its Ether holdings because the values of digital tokens have fallen recently. This fall has had a significant impact on digital asset treasuries as well. Nevertheless, industry data suggest that BitMine has nearly 3.4 million ETH and has purchased over 565,000 ETH in the past month.
ARK Invest increases its Bullish holdings with more share purchases
Wood’s ARK Invest earlier added to its holdings of the Bullish crypto exchange by purchasing about 238,000 shares worth roughly $12 million across its main funds.
According to ARK’s daily trading update, the ARK Innovation ETF purchased 164,214 shares, while both the ARK Next Generation Internet ETF and the ARK Fintech Innovation ETF added 49,056 and 25,076 shares, respectively. The firm also purchased over $5 million of Bullish shares across various ETFs.
ARK has continued to buy since Bullish went public on the New York Stock Exchange at a valuation of $1.1 billion. During this time, it bought about $172 million worth of shares across its funds.
The cryptocurrency exchange will report its third-quarter earnings on November 19. In the second quarter, it reported $57 million in adjusted revenue, compared with $67 million in the corresponding quarter a year earlier. Its net income totaled $108.3 million in the second quarter, compared to a net loss of $116.4 million in the same period a year ago.
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