Cathie Wood Dumps Robinhood for BMNR Stock As ARK Invest Adjusts Holdings

Cathie Wood’s ARK Invest has made a notable shift in its portfolio. The company trimmed its stake in Robinhood’s stock while doubling down on Tom Lee’s BMNR.

Cathie Wood’s ARK Invest Ramps Up BMNR Exposure

According to ARK Invest’s September 8 daily trade disclosure, three of its ETFs collectively purchased 101,950 BMNR stock worth roughly $4.3 million. This continues a pattern of aggressive buying, following similar acquisitions in recent weeks.

As a result, the stock gained more than 4% to close at $43.79 and edged slightly higher in after-hours trading, according to Yahoo Finance.

The firm’s growing ETH treasury has made BMNR one of the most closely watched stocks in the blockchain space. Tom Lee’s BitMine recently expanded its ETH holdings. The firm is the largest corporate holder of Ethereum with more than 2 million ETH, representing around 1.7% of the total supply.

Analysts suggest Cathie Wood’s ARK Invest’s repeated allocations highlight confidence in Ethereum’s long-term value. This comes as Lee reinforces his belief that ETH could become one of the biggest macro trades over the next decade.

While ARK Invest increased its BitMine shares holdings, it simultaneously scaled back its stake in Robinhood. The ARKW fund sold 43,728 shares of the trading platform, worth about $5.1 million. Meanwhile, Robinhood’s stock surged nearly 16% on Monday to close at $117.28 after S&P Global confirmed the company would be added to the S&P 500 index.

Cathie Wood’s funds also shed nearly 10,000 shares of Teradyne, though the Robinhood sale was by far the day’s most significant divestment.

BitMine’s Growing Investment Influence

BMNR’s profile has grown rapidly this year due to its continued high-profile investments. Bitmine recently flipped its Eightco Holdings investment from a $20 million position into $628 million within a single day. This came after OCTO stock skyrocketed 3,000% on news of its Worldcoin Treasury plan. BitMine had acquired 13.7 million OCTO shares at just $1.46 each.

This level of performance has drawn more attention from institutional investors, with ARK’s accumulation further reinforcing market confidence. BitMine remains committed to its goal of holding 5% of Ethereum’s total supply, suggesting further accumulation.

In other developments, Tom Lee shared that he believes the Federal Reserve may cut interest rates. He believes lower rates could boost equities and digital assets alike.

Fed cutting interest rates will have dual positives of lowering interest rates, particularly mortgage rates could fall (spread to 10Y)…This is why a Fed cut in Sept will be supportive of equities, particularly small-caps IWM and financials XLF and crypto BTC ETH

The rebalancing of ARK’s portfolio highlights bullish sentiment surrounding BMNR’s Ethereum-focused growth.