Cathie Wood’s ARK Invest has increased its exposure to Tom Lee’s Ether treasury firm BitMine while reducing its position in Tesla.

According to the firm’s daily trading disclosures dated Friday, ARK purchased a combined 48,454 shares of BitMine (worth around $2 million) across three of its exchange-traded funds (ETFs), including the ARK Innovation ETF (ARKK), the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW).

Wood’s investment funds have been

ARK offloads Tesla shares

Meanwhile, ARK sold approximately 71,638 Tesla shares across its funds, a position valued at roughly $30 million based on Tesla’s closing price of $429.52. The ARKK ETF and ARKW ETF each trimmed holdings in Tesla, which has been one of ARK’s flagship positions since 2018. Tesla’s stock fell 3.68% on the day.

The move comes as Tesla shareholders have approved CEO Elon Musk’s nearly $1 trillion pay package, with 75% of voting shares backing 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 over the company, boosting his ownership from about 13% to 25% if Tesla meets the outlined milestones. The package grants Musk 12 tranches of stock tied to performance goals, starting at a $2 trillion market cap and scaling up to $8.5 trillion.

Related: Cathie Wood’s ARK Invest adds $12M in Bullish shares as options trading surges

BitMine sits on $2 billion in losses

BitMine is now sitting on approximately $2.1 billion in unrealized losses tied to its Ether reserves as the recent crypto meltdown has dealt heavy losses to digital asset treasury companies, according to CryptoQuant.

BitMine currently holds nearly 3.4 million ETH, having acquired more than 565,000 over the past month, according to industry data.

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