BitMine Gets $18.6M Endorsement as ARK Invest Expands Ethereum-Focused Holdings

ARK Invest Increases Stake in BitMine with $18.6 Million Purchase, Doubling Down on Ethereum Strategy

Cathie Wood’s ARK Invest has expanded its Ethereum-focused portfolio by acquiring $18.6 million worth of shares in BitMine Immersion Technologies (BMNR), a leading corporate holder of ether.

The investment firm added 529,366 BMNR shares to its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW) on Monday, as per its latest disclosure.

BitMine’s shares have been volatile recently, dropping 11.8% to $35.11 and falling roughly 74% from their July peak of $135. Despite this, BitMine continues to hold a significant position in ether, having amassed over 300,000 ETH valued at more than $1 billion.

The company’s approach follows the growing trend of institutional firms building crypto treasuries, similar to the bitcoin strategy pioneered by MicroStrategy. This momentum has helped fuel ether’s impressive 57% gain in July, pushing prices close to $3,900.

Alongside the BitMine purchase, ARK also trimmed holdings in Coinbase (COIN), selling nearly $7 million in shares, and fintech company Block (XYZ), offloading about $15 million.