ARK Invest Scoops Up $18.6M in BitMine Shares Amid Ethereum Treasury Bet
Cathie Wood’s ARK Invest has deepened its exposure to the Ethereum ecosystem, purchasing $18.6 million worth of shares in BitMine Immersion Technologies (BMNR), a firm building one of the largest ether treasuries among public companies.
According to a Monday trade disclosure, ARK added 529,366 BMNR shares to two of its flagship ETFs — the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW).
BitMine stock dropped 11.8% to close at $35.11 and has plunged over 74% from its early July peak of $135. Still, the company has accumulated over 300,000 ETH, worth more than $1 billion, positioning itself as a major corporate holder of Ethereum.
Its treasury-centric strategy mirrors that of MicroStrategy’s Bitcoin playbook, and comes amid a sharp July rally in ETH, which has surged 57% to near $3,900, according to CoinDesk data.
In the same session, ARK Invest trimmed its stakes in Coinbase (COIN) and fintech firm Block (XYZ), selling approximately $7 million and $15 million in shares, respectively, based on Monday’s closing prices.
