ARK Invest Scoops Up $18.6M in BitMine Shares Amid Ether Treasury Strategy
Cathie Wood’s ARK Invest has increased its exposure to Ethereum-linked equities with a significant purchase of BitMine Immersion Technologies (BMNR), a firm known for its aggressive ether (ETH) accumulation strategy.
According to the firm’s daily trade disclosure, ARK purchased 529,366 shares of BMNR across its ARK Innovation (ARKK) and ARK Next Generation Internet (ARKW) ETFs on Monday, totaling $18.6 million.
The move comes as BMNR stock extended its recent correction, falling 11.8% to close at $35.11. The stock is now down roughly 74% from its intramonth high of $135 earlier in July.
BitMine has become one of the most prominent corporate ether treasuries, amassing more than 300,000 ETH worth over $1 billion. The company is among a growing cohort of firms adopting Ethereum as a reserve asset, echoing MicroStrategy’s well-known bitcoin strategy.
ETH prices have surged around 57% in July, fueled by renewed institutional demand and treasury-based accumulation, pushing the token close to $3,900, per CoinDesk data.
In tandem with the BitMine buy, ARK offloaded just under $7 million in Coinbase (COIN) shares and sold roughly $15 million of fintech firm Block (XYZ), suggesting a rebalancing toward Ethereum-centric plays.
