ARK Invest has expanded its holdings in Bitmine Immersion Technologies (BMNR), purchasing $15.6 million worth of shares on Wednesday as the firm continues to build exposure to the ether ecosystem.
The investment manager acquired 339,113 shares of Bitmine across its Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF) ETFs, according to an investor update.
Despite the inflows, Bitmine shares dropped 7.85% to $46.03 on the day.
Led by Fundstrat’s Tom Lee, Bitmine has become one of the largest corporate holders of ether, amassing more than 1.7 million ETH, valued at nearly $8 billion at current prices.
The move is consistent with Cathie Wood’s strategy of using periods of weakness to increase exposure to high-conviction names, while trimming positions during rallies to rebalance ETF weightings.
