ARK Invest Boosts Ethereum Exposure with $15.6M BitMine Investment

ARK Invest, led by Cathie Wood, has increased its investment in BitMine Immersion Technologies, a company that provides Ethereum treasury, by purchasing $15.6 million in shares. This brings ARK's total investment in BitMine to over $300 million, making it one of the largest holders of Ethereum. The move reflects ARK's belief in Ethereum's long-term value and BitMine's market leadership.

ARK Invest, led by Cathie Wood, has significantly increased its investment in BitMine Immersion Technologies (BMNR) by purchasing an additional $15.6 million in shares. This strategic move brings ARK's total investment in BitMine to over $300 million, solidifying its position as one of the largest holders of Ethereum (ETH).

The acquisition was executed across three of ARK's flagship ETFs: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). Specifically, ARKK bought 227,569 shares, ARKW added 70,991 shares, and ARKF purchased 40,553 shares [1].

ARK Invest's interest in BitMine is not new. It began accumulating BMNR shares earlier in the third quarter, with an initial purchase of $174 million on July 21, followed by another $17 million acquisition on August 2 [1]. This latest investment reflects ARK's belief in the long-term value of Ethereum and BitMine's market leadership.

BitMine, known for its substantial holdings of Ether, has been expanding its at-the-market (ATM) equity offering. On August 13, the company announced plans to increase its offering by an additional $20 billion, up from $4.5 billion, in a filing with the U.S. Securities and Exchange Commission [1].

Despite ARK's purchases, BMNR's share price has been trending downward. The stock lost 9.33% in the past 24 hours and has recorded a cumulative 14-day decline of 37.94% [1]. However, the downward trend in BMNR's share price does not seem to deter ARK Invest from its strategy. The firm remains bullish on Ethereum, as evidenced by its continued investment in companies like BitMine.

ARK Invest is not alone in its increased interest in Ethereum. A Bitcoin whale holding over $11 billion has gradually reduced its BTC exposure and purchased $443 million worth of ETH, bringing its current Ether holdings to $2.94 billion [1]. This intensified wave of investment in ETH comes as the asset continues to dominate the market, recently climbing to a new all-time high of $4,951 after four years [1].

References:
[1] https://financefeeds.com/ark-invest-15m-bitmine-buy-raises-eth-exposure/
[2] https://www.ccn.com/news/crypto/cathie-woods-ark-invest-snaps-up-22-8m-in-bitmine-shares-across-three-flagship-etfs/