BMNR, BLSH: Cathie Wood Bets $23M on Crypto Stocks, Trims Stakes in Roku, DraftKings, and Teradyne

Cathie Wood’s ARK Invest ETFs executed notable portfolio rebalancing on September 5, 2025, significantly bolstering crypto exposure while reducing stakes in other growth names. ARK funds acquired nearly $16.3 million in Bitmine Immersion Technologies (BMNR) and $7.2 million in Bullish (BLSH), underscoring increased conviction in digital assets. Concurrently, ARK divested approximately $11 million in Roku (ROKU), $5.8 million in DraftKings (DKNG), and $5.7 million in Teradyne (TER), consistent with a strategic reallocation towards higher-conviction growth themes and reduced semiconductor testing exposure.

Analysis

ARK Invest executed a significant portfolio rebalancing on September 5, 2025, signaling a pronounced strategic pivot towards digital assets. The firm aggressively increased its exposure to the crypto sector by acquiring nearly $16.3 million worth of Ethereum-miner Bitmine Immersion Technologies (BMNR) and $7.2 million in newly listed crypto exchange Bullish (BLSH). These purchases, made while both stocks were trading down for the day, underscore a high-conviction, price-insensitive approach to what ARK perceives as a primary growth theme. Concurrently, the capital for these acquisitions was sourced by trimming other growth-oriented positions. ARK divested approximately $11 million from Roku (ROKU), $5.8 million from DraftKings (DKNG), and $5.7 million from Teradyne (TER). While the Roku sale represents a modest trim of a large existing holding, the divestment from Teradyne aligns with a recent pattern of reducing exposure to semiconductor testing. This disciplined capital rotation demonstrates a clear strategic decision to fund speculative crypto plays by reallocating funds from more mature growth stories in media, gaming, and semiconductors.

Key Decisions for Investors

• Investors tracking ARK's strategy should note the significant capital rotation into crypto-linked equities BMNR and BLSH, which now appear to be the firm's highest-conviction speculative growth plays.
• Holders of ROKU, DKNG, and TER should be aware of potential short-term selling pressure, as ARK's consistent divestment signals a strategic reallocation of institutional capital away from these names.
• The decision to fund crypto purchases by trimming other growth assets suggests investors should re-evaluate the relative risk/reward profile between the digital asset sector and sectors like streaming media, online gaming, and semiconductor testing.
• Consider that ARK's purchasing of BMNR and BLSH on down days may signal a buying opportunity for investors with a high risk tolerance who are bullish on the Ethereum ecosystem and the broader crypto exchange space.