Cathie Wood’s ARK Invest Shifts to Ethereum Treasury Bet with Tom Lee’s Bitmine

Cathie Wood’s ARK Invest is shifting sharply toward Ethereum through a significant investment in Bitmine Immersion Technologies, the Ethereum treasury firm chaired by Fundstrat’s Tom Lee. 

The move, disclosed in ARK’s daily trading update on Monday, marks the first time Wood’s funds have purchased Bitmine shares since the firm announced its strategic shift from Bitcoin to Ethereum in late June.

ARK’s Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF) sold 218,986 shares of Coinbase (COIN) worth around $90.5 million and 463,293 shares of gaming company Roblox (RBLX) worth $57.7 million to fund the pivot. 

Simultaneously, the three funds purchased 4.4 million shares of Bitmine, valued at approximately $174 million, representing 1.5% of each ETF’s portfolio.

Betting on Bitmine’s Ethereum Pivot

Bitmine Immersion Technologies has seen its stock surge over 3,000% to a record high of $135 on July 3 following its announcement to switch its treasury strategy from Bitcoin to Ether. Although the price has since corrected to around $39.57, the stock remains up over 400% since the start of 2025, attracting notable investors including billionaire Peter Thiel, who recently acquired a 9.1% stake.

For ARK Invest, the move aligns with its thesis of backing “disruptive innovation,” as Bitmine’s Ethereum pivot positions it to potentially capitalize on the growing institutional and developer interest around Ethereum, staking, and tokenization. 

This purchase also comes as ARK’s funds adjust positions in other firms, shifting shares from Robinhood and Block Inc. toward Bitmine and select tech firms like AMD, DoorDash, and Airbnb.

ARK Invest Funds Realign Crypto and Fintech Holdings

The ARKK fund, with $6.8 billion in assets under management, remains heavily weighted toward Tesla (9.7%), while Coinbase and Roblox still sit as its second and third largest holdings. It also holds a 5% position in stablecoin issuer Circle. The ARKW fund, which manages $2 billion with a focus on shifting technologies, continues to hold Robinhood, Coinbase, and Tesla as its top three, alongside minor stakes in Meta, Shopify, and Amazon.

Meanwhile, the $1.2 billion ARKF fintech-themed fund, which includes Robinhood, Coinbase, Circle, Block, eToro, and PayPal, is currently the only ARK Invest fund with indirect Ethereum exposure, holding a 1.15% position in the 3IQ Ether Staking ETF. 

The fund also sold 225,742 shares of the ARK 21Shares Bitcoin ETF (ARKB) on July 16, signaling ARK’s deeper pivot toward Ethereum while recalibrating its broader crypto strategy to align with evolving market dynamics.