ARK Invest has restructured three ETFs, selling Coinbase and Roblox shares to buy 1.5% stakes in Ethereum treasury firm Bitmine across its portfolios.
ARK Invest founder and CEO Cathie Wood is tweaking the firm’s fund portfolios, shifting some crypto and fintech shares in a pivot to an Ethereum treasury company chaired by Fundstrat’s Tom Lee.
Cathie Wood’s ARK Innovation ETF, Next Generation Internet ETF and Fintech Innovation ETF have sold 218,986 Coinbase (COIN) shares worth around $90.5 million and 463,293 shares in gaming firm Roblox (RBLX) worth $57.7 million, according to a daily trading update on Monday.
At the same time, the three funds purchased 4.4 million shares of Tom Lee’s Ethereum treasury firm, Bitmine Immersion Technologies (BMNR), worth around $174 million, which now comprise 1.5% of each of the ETF’s portfolios.
