On Monday, Cathie Wood-led Ark Invest executed significant trades involving Bitmine Immersion Technologies Inc (NYSE:BMNR) and Robinhood Markets Inc (NASDAQ:HOOD).
The Bitmine Immersion Trade
Ark Invest made substantial purchases of Bitmine Immersion shares across multiple ETFs. The Ark Fintech Innovation ETF (BATS:ARKF) fund acquired 12,360 shares, while the ARK Innovation ETF (BATS:ARKK) fund added 67,700 shares, and the ARK Next Generation Internet ETF (BATS:ARKW) purchased 21,890 shares. With BMNR closing at $43.79, the total value of these acquisitions reached approximately $4.5 million.
Bitmine Immersion Technologies has been in the spotlight due to its strategic moves in the cryptocurrency sector. On Monday, it was reported that Bitmine supported Dan Ives-backed Eightco Holdings Inc. (NASDAQ:OCTO) in adopting Worldcoin (CRYPTO: WLD) as a treasury asset, a move that has garnered attention from investors. Additionally, Bitmine’s involvement in shifting capital from Bitcoin (CRYPTO: BTC) to Ethereum (CRYPTO: ETH) has been noted by analysts, highlighting its influence in the crypto market.
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The Robinhood Trade
In a notable move, Ark Invest’s ARKW fund sold 43,728 shares of Robinhood. With Robinhood’s stock closing at $117.28, this sale was valued at approximately $5.1 million. The decision to sell comes as Robinhood experiences significant market activity.
Robinhood’s shares surged by 15.8% on Monday, following its inclusion in the S&P 500, replacing Caesars Entertainment Inc. This development, announced by S&P Dow Jones Indices, has positioned Robinhood for increased visibility and potential investor interest.
Benzinga's Edge Stock Rankings indicate BitMine Immersion Stock checks out on the Medium and Long Price Trends, but falters on the Short trend. Here is how the stock measures up on other parameters.
Other Key Trades:
- Sold 9,896 shares of Teradyne Inc. (TER) from the ARKK fund.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
