Cathie Wood's Raises Wager On Ethereum-Hoarding Bitmine: Ark Buys Stock Of Tom Lee-Backed Company, Dumps Shares Of Sports Betting Giant

Ark Invest, led by Cathie Wood, executed significant trades on Wednesday, focusing on Bitmine Immersion Technologies Inc. (NYSE:BMNR) and DraftKings Inc. (NASDAQ:DKNG).

The Bitmine Trade

Ark Invest made substantial purchases of Bitmine Immersion across multiple ETFs, including Ark Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK), and ARK Next Generation Internet ETF (BATS:ARKW). The firm acquired a total of 339,113 shares. The closing price for BMNR on Wednesday was $46.03, translating to a total investment of approximately $15.6 million.

Bitmine’s involvement in the cryptocurrency market, particularly its influence on capital shifts from Bitcoin (CRYPTO: BTC) to Ethereum (CRYPTO: ETH), has been a focal point for analysts recently. The Tom Lee-backed company’s stock has seen significant movement, partly due to the broader Ethereum rally and recent market optimism following comments from Federal Reserve Chair Jerome Powell.

The DraftKings Trade

In contrast, Ark Invest reduced its holdings in DraftKings across ARKF, ARKK, and ARKW, selling a total of 266,052 shares. With DKNG’s closing price at $47.80, the sale amounted to approximately $12.7 million.

DraftKings recently reported impressive second-quarter earnings, showcasing record revenue and net income. For the period, the company reported revenue of $1.51 billion — a rise of 37% year-over-year. The reported figure beat Street consensus estimate of $1.39 billion.

Other Key Trades

Sold 85,278 shares of Roku Inc (ROKU) from ARKK.
Bought 124,275 shares of CRISPR Therapeutics AG (CRSP) from ARKK.
Bought 185,200 shares of Intellia Therapeutics Inc (NTLA) from ARKK.

Benzinga's Edge Stock Rankings indicate Bitmine Immersion checks out on Short, Medium and Long Price trends. Here is how it compares with a Bitcoin-focused company like Michael Saylor’s Strategy Inc.?