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    Cathie Wood’s ARK Invest Buys $2M in BitMine Shares, Sells $30M in Tesla

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    Cathie Wood’s ARK Invest Buys M in BitMine Shares, Sells M in Tesla

    Cathy Wood’s Ark Investments has increased its exposure to Tom Lee’s ether treasury firm BitMine while reducing its position in Tesla.

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    According to the firm’s daily trading disclosures on Friday, Arc bought a combined 48,454 shares of Bitmain (about $2 million) in three of its exchange-traded funds (ETFs), including Arc Innovation ETF (ARKK), Arc Fintech Innovation ETF (ARKF) and Arc Next Generation Internet ETF (ARKF).

    Wood’s investment funds have been increasing their exposure to Bitcoin since they began collecting Ether (ETH) as a treasury asset in April.

    According to Google Finance, in after-hours trading. Bitman shares rose 7.65% on the day to hit 40.23. The stock has gained a total of 415% since the start of the year.

    Bitman shares rose 7 percent on Friday. Source: Google Finance

    Related: Cathy Wood Drops BTC Predictions At $300K, Says Market Share Ending Stablecoins Market Share

    The fund offloaded Tesla shares

    Meanwhile, Arc sold about 71,638 Tesla shares in its funds, which is about $30 million based on Tesla’s closing price of $429.52. Arc ETF and Arc WETF each trimmed holdings in Tesla, one of Arc’s flagship positions since 2018. Tesla stock fell 3.68% on the day.

    The move comes as Tesla shareholders approved CEO Elon Musk’s nearly $1 trillion pay package, with 75 percent of voting shares supporting the proposal despite opposition from major proxy advisors Glass Lewis and ISS.

    The decision, announced at Tesla’s annual meeting in Austin, Texas, will increase Musk’s control of the company, increasing his ownership from 13 percent to 25 percent if Tesla meets the outlined milestones. The package gave 12 stocks tied to Musk’s 12 performance goals, starting at a market cap of $2 trillion and scaling up to $8.5 trillion.

    Related: Cathy Wood’s Arc Investments adds $12 million to bullish shares as options trade surges

    Batman is sitting on $2 billion in losses

    According to CryptoQuant, Bitcoin is now sitting on about $2.1 billion in unrealized losses tied to its Ether reserves as the recent crypto meltdown has taken a toll on digital asset treasury companies.