As Ethereum’s breakout rally intensifies, ARK Invest is making a decisive move to deepen its exposure to the asset—this time by backing a corporate ETH holder.
On Monday, Cathie Wood’s investment firm disclosed the purchase of 4.4 million shares of Bitmine Immersion Technologies (BMNR), a Peter Thiel-backed company that holds a massive treasury of ether. The acquisition, spread across ARK’s ETF lineup, represents a $116 million commitment. The ARK Innovation ETF (ARKK) took the lion’s share with nearly 2.9 million shares.
Bitmine, led by Tom Lee of Fundstrat, has quietly become one of the largest corporate holders of ETH. The firm owns over 300,000 ETH, now valued at more than $1 billion, and plans to stake up to 5% of Ethereum’s total supply—a strategy reminiscent of MicroStrategy’s aggressive Bitcoin accumulation.
The move signals growing confidence in Ethereum’s role as a strategic balance sheet asset, especially as institutional players explore alternatives to traditional cash reserves.
At the same time, ARK trimmed its exposure to Coinbase (COIN), offloading 218,986 shares across its ETFs—worth roughly $90.6 million. The crypto exchange had just surged to a record high of $437 following the passage of U.S. legislation that introduces a clear federal framework for stablecoins and digital assets.
With ether (ETH) trading above $3,600 and up nearly 44% over the last two weeks, ARK’s reallocation suggests a shift in conviction—favoring direct ETH plays over crypto infrastructure stocks.
