Ark Invest Doubles Down on Crypto: $47M Bet on Coinbase and BitMine Amid Market Slide

Ark Invest, the innovation-focused asset manager helmed by Cathie Wood, made a bold $47 million investment in crypto-related equities on Friday, signaling continued confidence in the sector despite recent downturns. The firm added nearly $30 million in Coinbase stock and $17 million in shares of BitMine Immersion Technologies, a leading Ethereum treasury company.

According to Ark’s latest trading disclosure, the purchases were split across three of its funds, with the flagship ARK Innovation ETF (ARKK) taking the lion’s share. ARKK alone acquired $22.6 million worth of Coinbase shares and $11.6 million in BitMine stock. The buys came after both stocks suffered sharp losses, with Coinbase tumbling 16.7% and BitMine dropping 8.6% on Friday alone.

This move appears to be a calculated "buy-the-dip" strategy by Ark, particularly in light of Coinbase’s weaker-than-expected earnings report. The significant downturn in COIN’s price offered Ark a discount on shares of the largest U.S.-based crypto exchange.

Meanwhile, BitMine continues to attract Ark’s attention, with the firm investing more than $52 million into BMNR shares over the past week alone. This includes two prior purchases earlier in the week: $20 million on Monday and $15.3 million on Tuesday. Ark now holds over $188 million in BitMine stock across its funds.

BitMine Immersion Technologies has positioned itself as a dominant player in the Ethereum ecosystem. The company currently holds 625,000 ETH—the most among Ethereum treasury firms—and has publicly stated its goal of acquiring and staking 5% of the total Ethereum supply. Despite a 31% decline in its stock price over the last month, Ark’s aggressive accumulation suggests a long-term conviction in BitMine’s role within Ethereum’s future.

These purchases reaffirm Ark’s investment thesis centered around disruptive innovation. By leaning into crypto-related equities during periods of volatility, Wood’s firm continues to bet that blockchain infrastructure and digital asset services will play a central role in the financial systems of tomorrow