ARK Invest Trims Ethereum Exposure on Cryptocurrency's 11th Anniversary
ARK Invest CEO Cathie Wood has trimmed her investment firm's exposure to Ethereum (ETH) on its 11th anniversary. The company sold 33,560 shares of Bitmine Immersion Technologies (BMNR), worth $606,764, on July 30. BMNR is the leading Ether treasury company chaired by Wall Street veteran Tom Lee.
Despite the sale, ARK Invest still maintains a significant stake in Ethereum through its BMNR holdings. The BMNR stock, an Ether proxy, has gained 25% in the last month, but is down 38% this year. Meanwhile, Ether itself is trading at $1,856.27, down 37% from earlier this year.
ARK Invest also sold shares of Peter Thiel-backed Bullish (NYSE: BLSH) crypto exchange, worth $287,909. The company purchased 26,509 shares of Meta Platforms (Nasdaq: META), worth $14.3 million, after the tech company reported its second-quarter earnings on July 29.
Meta's revenue beat estimates, but its earnings per share (EPS) missed expectations. Zuckerberg said that the company has an ambitious AI plan to sell to businesses, including APIs and business agents.