Investment firm ARK Invest has undertaken strategic portfolio adjustments, focusing on increasing its Bitcoin mining (BitMine) holdings and trimming its position in Tesla. Cointelegraph reports that ARK acquired a significant portion of BitMine stock, valued at approximately $2 million across three of its ETFs: the Innovation ETF (ARKK), Fintech Innovation ETF (ARKF), and Next Generation Internet ETF (ARKW). This investment coincides with ARK’s established strategy to increase exposure to BitMine, which has been actively accumulating Ether as a treasury asset since April. Notably, BitMine’s stock has experienced substantial growth, rising 7.65% in after-hours trading to reach $40.23, marking a remarkable 415% increase year-to-date. In contrast, ARK Invest reduced its Tesla holdings, selling approximately $30 million worth of shares across its funds. This move aligns with the firm’s strategy of adjusting its portfolio in response to market trends and company developments. While Tesla shares witnessed a decline of 3.68% on the day following this news, a significant development at the company occurred as shareholders approved Elon Musk’s $1 trillion compensation package at their recent annual meeting in Austin, Texas. This move is expected to increase his control over Tesla, potentially shifting his ownership from approximately 13% to 25%. This decision was supported by a majority of voting shares, despite opposition from proxy advisors Glass Lewis and ISS.