Cathie Wood’s ARK Invest isn’t waiting for regulatory green lights, it’s doubling down. The firm has dropped $23.5 million across BitMine Immersion Technologies and crypto exchange Bullish, tightening its grip on crypto-adjacent equities despite industry volatility.
According to Friday’s trade disclosures, ARK’s flagship ETFs (ARKK, ARKW, and ARKF) collectively scooped up 387,325 shares of BitMine, valued at $16 million, and 143,906 shares of Bullish, worth about $7.5 million. The biggest bag went to ARKK, leading both allocations.
Back-to-back Bullish buys
The latest Bullish stock grab follows ARK’s $172 million play on Bullish’s IPO debut in August. That offering, one of crypto’s boldest Wall Street listings this year — raised $1.1 billion, with shares spiking 83.8% out of the gate.
Bullish, which owns CoinDesk and runs regulated crypto exchanges across Hong Kong, Gibraltar, Singapore, and the UK, ditched its failed SPAC plans from 2021 and went public the old-fashioned way. The firm’s sudden favor with institutional capital hints at how quickly the crypto narrative can flip when Wall Street decides it’s time.
BitMine quietly builds ETH empire
While the headlines favor Bitcoin, BitMine is quietly rewriting the Ethereum treasury playbook. On Thursday, the company acquired $65 million in ETH across six OTC trades facilitated by Galaxy Digital, pushing its ETH stack to over 1.5% of the entire circulating supply.
Unlike leveraged gambles, BitMine’s ETH war chest is entirely cash-funded, signaling a full-throttle bet on Ethereum’s long-term monetary value. The firm isn’t just holding ETH, it’s making it the centerpiece of a public-market strategy most companies wouldn’t touch.
Signals from the top
ARK’s multi-million-dollar allocations to crypto-native firms are a clear signal: traditional ETFs may still be stuck in approval limbo, but equity exposure to crypto is already in play, no regulator required.
With BitMine mimicking MicroStrategy’s model (only Ethereum-flavored) and Bullish posturing as a regulated, post-SPAC redemption arc, ARK is betting on a future where tokens, not just stocks, dictate market performance.
The crypto stock sweep might not make headlines like spot ETF approvals, but the capital says it all. For investors paying attention, ARK’s moves are less about hype and more about positioning before the next breakout cycle.
Also Read: Polymarket Breaks Record for New Markets, Eyes Comeback in USA