Ethereum’s price continued to trade below $3,000 on Wednesday night, pressuring ETH-linked equities like BMNR.
- Cathie Wood’s ARK Invest added shares of BitMine Immersion Technologies on Wednesday following a sharp pullback in the stock amid Ethereum’s recent decline.
- ARK funds also increased exposure to crypto exchanges, adding shares of Coinbase and Bullish across three of its portfolios.
- The buying comes amid growing competition among trading platforms expanding into prediction markets and multi-asset offerings.
Cathie Wood’s ARK Invest bought up more shares of BitMine Immersion Technologies (BMNR) on the cheap as the fall in Ethereum’s (ETH) price dragged the stock lower on Wednesday.
The fund manager also loaded up on crypto exchanges Coinbase (COIN) and Bullish (BLSH) on Wednesday, as the field faces more competition and an increasing number of players are dipping their toes into the prediction market space.
ARK Buys BitMine Amid Sharp Pullback
Ethereum-focused digital asset treasury (DAT) BMNR’s stock fell 6.59% on Wednesday, down more than 24% over the past week as Ethereum’s price struggled to regain the $3,000 mark. Retail sentiment around the company on Stocktwits remained in ‘bearish’ territory over the past day, amid ‘low’ levels of chatter.
Meanwhile, Ethereum’s price was trading at around $2,800 on Wednesday night, down 3.8% in the last 24 hours. Retail sentiment around the leading altcoin trended in ‘extremely bearish’ territory over the past day, accompanied by ‘low’ levels of chatter.
ARK Innovation ETF (ARKK) added 250,029 shares of BMNR, while ARK Next Generation Internet ETF (ARKW) purchased 72,617 shares and ARK Blockchain & Fintech Innovation ETF (ARKF) bought up 37,586 shares.
ARK Adds Coinbase, Bullish Amid Prediction Market Frenzy
ARK also increased its positions in crypto exchanges, adding shares of Coinbase and Bullish across all three funds.
The change in holdings came ahead of Coinbase’s ‘System Update’ keynote, where the company announced it was introducing stock trading on its platform and a partnership with Kalshi for prediction markets. Earlier this week, Gemini (GEMI) announced a similar expansion into the prediction market, and Robinhood (HOOD) said it would now allow event contracts for player-level sports data. Robinhood CEO Vlad Tenev described the trend as the potential start of a prediction market ‘supercycle.’
ARKK edged 0.24% higher in after-hours trade on Wednesday after falling more than 3% in regular trading. Retail sentiment around the fund trended in ‘bearish’ territory over the past day, with chatter at ‘low’ levels. ARKW rose 1.6% in after-hours trading after a similar loss of over 3% the previous day. It also retail sentiment trending in ‘bearish’ territory over the past day, but chatter remained at ‘normal ‘levels.
ARKF was flat in after-hours trade after a 2.4% dip in the previous session. Retail sentiment around the fund trended in ‘bearish’ territory over the past day, with chatter at ‘low’ levels.
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