While most investors debate whether cryptocurrency represents the future of finance or an elaborate digital tulip mania, ARK Invest has decidedly placed its chips on the former, committing $23.5 million to crypto-related equities in early September 2025—a move that speaks volumes about Cathie Wood‘s conviction in disruptive technologies, even as her flagship funds have stumbled through a bruising 28% year-to-date decline.
The investment blitz centered on two primary targets: BitMine Immersion Technologies (BMNR), which received the lion’s share at $16 million for 387,000 shares, and crypto exchange Bullish, garnering $7.5 million through 144,000 shares.
BitMine’s focus on crypto mining infrastructure and Ethereum-related operations aligns perfectly with ARK’s thesis on blockchain as a foundational technology, while Bullish (parent company of CoinDesk, no less) provides direct exposure to the trading ecosystem that keeps this digital circus running. This timing coincides with institutional capital flows increasingly entering the cryptocurrency market as regulatory frameworks provide clearer guidelines for professional investment managers.
ARK distributed these purchases across its triumvirate of innovation-focused ETFs: ARKK, ARKW, and ARKF, with each fund maintaining its thematic focus while embracing crypto’s gravitational pull.
ARKK led the charge with the largest allocations, reinforcing its position as the flagship vehicle for disruptive innovation bets. As an actively managed ETF, ARKK maintains the flexibility to adjust positions quickly in response to market opportunities and emerging technological trends. Meanwhile, ARKW and ARKF contributed through their respective lenses of internet evolution and fintech transformation.
The strategic pivot becomes more pronounced when viewed against ARK’s broader portfolio adjustment—Bitcoin exposure alone surged from 6.2% in 2023 to 19.4% in 2025, while positions in conventional tech darlings like DraftKings and Roku faced the guillotine.
This reallocation reflects Wood’s unwavering belief that blockchain infrastructure and decentralized finance represent transformative drivers in the financial ecosystem, despite the sector’s notorious volatility.
Beyond these equity plays, ARK maintains direct cryptocurrency exposure through ARKB, its collaboration with 21Shares that tracks spot Bitcoin performance. ARKB operates with a competitive 0.21% expense ratio, providing investors access to Bitcoin without the complexity of direct ownership. The dual approach—combining pure-play crypto assets with equity exposure to companies building the supporting infrastructure—demonstrates a sophisticated understanding that betting on picks and shovels often proves more profitable than mining gold directly, even when that gold exists solely in the digital domain.
