With Ethereum’s price surging, ARK Invest is doubling down on its conviction in the asset—this time through a bold treasury-focused play.
Cathie Wood’s firm has acquired 4.4 million shares of Bitmine Immersion Technologies (BMNR), a rising Ethereum powerhouse backed by Peter Thiel. The purchase, disclosed in Monday’s ETF filings, represents a $116 million bet on ETH’s long-term institutional adoption. ARKK, ARK’s flagship innovation ETF, received the largest portion with nearly 2.9 million shares.
Bitmine, led by Tom Lee of Fundstrat, has quickly established itself as a major ETH holder, with a treasury exceeding 300,000 ETH—now worth over $1 billion. The firm aims to eventually stake up to 5% of Ethereum’s total supply, mirroring MicroStrategy’s Bitcoin strategy but focused squarely on Ethereum.
The investment underscores a growing trend: Ethereum is no longer just a protocol—it’s becoming a treasury asset for companies with long-term crypto theses.
In parallel, ARK offloaded 218,986 shares of Coinbase (COIN), worth around $90.6 million, despite the exchange hitting an all-time high above $437 last week. The move suggests a portfolio rebalancing as regulatory clarity and asset-specific conviction reshape ARK’s crypto exposure.
ETH currently trades above $3,600, up nearly 44% over the past two weeks, according to CoinDesk. With Ethereum entering a new phase of institutional accumulation, ARK’s pivot may be a sign of what’s to come.
