Cathie Wood's Ark Invest buys more Bitmine, Bullish shares, doubling down on crypto dip

Cathie Wood-led Ark Invest purchased additional shares in Bitmine and Bullish on Thursday, further expanding its exposure to crypto-related companies.

The firm bought a total of 212,314 shares of Ethereum treasury company Bitmine across three of its exchange-traded funds, worth $4.2 million based on Thursday's closing price. Bitmine shares rose 1.4% on the day to $19.74, but remain down 36.7% over the past month, according to The Block's BMNR price page.

Ark's trading disclosure showed that it also bought 74,323 shares in Bullish, worth around $2.4 million, making it the eleventh consecutive trading day Ark has bought more shares in the crypto exchange. Bullish shares dropped 0.5% to close Thursday at $31.71, down 18% in the past month.

Additionally, the firm purchased 174,767 shares in Robinhood for $12.4 million. The financial giant’s stock slid another 8.9% on Thursday, extending its monthly losses to 40%.

Ark’s investment strategy involves letting no individual holding take up more than 10% of a fund's portfolio. This is to maintain diversification within its funds — meaning Ark is likely to continue rebalancing its weightings if the value of a stock rises or falls significantly relative to Ark's other holdings in its funds.

The firm's disclosures show that Bullish is currently the ninth-largest holding in its ARKF fund, with a 3.4% weighting, worth nearly $30 million. Ark also holds notable positions in multiple crypto-related stocks via ETFs, including Circle, Block, and Coinbase. 

Major equity indexes fell on Thursday — the Dow Jones Industrial Average dropped 1.3% while the Nasdaq Composite slid by 2%. The S&P 500 also fell 1.6%. 

Bitcoin (BTC) continues to trade near the lowest levels it has seen since 2024, dipping 1% over the past 24 hours to trade at $66,754, The Block's BTC price page shows. Ether (ETH) fell 0.7% to $1,962 during the same period.