ARK Invest Expands ETH Holdings Through Bitmine’s Immersion-Focused Treasury Position

Cathie Wood’s ARK Invest has significantly expanded its Ethereum exposure, investing $116 million in Bitmine Immersion Technologies (BMNR)—a firm rapidly becoming known as a major ETH corporate holder. At the same time, ARK has reduced its position in crypto exchange Coinbase (COIN).

According to Monday’s trade disclosures, ARK acquired 4.4 million shares of Bitmine across its ETFs. The majority of the purchase—2.9 million shares—was allocated to ARK’s flagship Innovation ETF (ARKK).

Bitmine, backed by Peter Thiel and led by Fundstrat’s Tom Lee, has accumulated over 300,000 ETH (currently worth over $1 billion) and aims to stake as much as 5% of Ethereum’s total supply. The move positions Bitmine as a treasury-focused ETH play, drawing comparisons to MicroStrategy’s Bitcoin strategy.

In parallel, ARK sold 218,986 shares of Coinbase, totaling approximately $90.6 million in proceeds. The sale followed a sharp rally in COIN, which hit an all-time high above $437 after the U.S. House passed landmark legislation establishing a national regulatory framework for digital assets and stablecoins.

Ethereum (ETH) continues to outperform, currently trading above $3,600, up nearly 44% over the past two weeks, according to CoinDesk data.