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Saturday Nov 8 2025 07:30
1 min
In a notable investment maneuver, Cathie Wood's ARK Invest has increased its exposure to BitMine, an Ether (ETH) treasury management firm led by Tom Lee. Simultaneously, ARK Invest has trimmed its holdings in Tesla, the electric vehicle giant.
According to the firm's daily trading disclosures dated Friday, ARK purchased a combined 48,454 shares of BitMine, valued at approximately $2 million, across three of its exchange-traded funds (ETFs). These ETFs include the ARK Innovation ETF (ARKK), the ARK Fintech Innovation ETF (ARKF), and the ARK Next Generation Internet ETF (ARKW).
Notably, Wood's investment funds have been steadily increasing their exposure to BitMine since the company began accumulating Ether (ETH) as a treasury asset in April. BitMine shares saw a 7.65% increase during the day, reaching $40.23 in after-hours trading, according to Google Finance. Year-to-date, the stock has gained a staggering 415%.
Conversely, ARK sold approximately 71,638 Tesla shares across its various funds, a position valued at roughly $30 million based on Tesla's closing price of $429.52. Both the ARKK ETF and ARKW ETF reduced their holdings in Tesla, which has been a flagship position for ARK since 2018. Tesla's stock experienced a 3.68% decline on the day.
This move coincides with Tesla shareholders approving CEO Elon Musk's near-$1 trillion pay package, with 75% of voting shares supporting the proposal despite opposition from major proxy advisors Glass Lewis and ISS. The decision, announced at Tesla's annual meeting in Austin, Texas, will increase Musk's control over the company, boosting his ownership from approximately 13% to 25% if Tesla meets the outlined milestones. The package grants Musk 12 tranches of stock tied to performance goals, starting at a $2 trillion market cap and scaling up to $8.5 trillion.
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