ARK Invest Buys the Dip on Ether Strategy Firm BitMine With $18.6M Purchase

ARK Invest bought $18.6 million worth of shares in ether treasury firm BitMine Immersion Technologies (BMNR).

Cathie Wood's investment firm added a total of 529,366 BMNR shares to its Innovation (ARKK) and Next Generations Internet (ARKW) exchange-traded funds (ETFs) on Monday, according to an email notification.

BMNR fell more than 11.8% to $35.11 and is now down some 74% since spiking to $135 early this month.

BitMine has positioned itself as one of the largest corporate accumulators of ether in recent months, amassing more than 300,000 ETH worth over $1 billion.

Numerous companies have adopted a strategy of building an Ethereum treasury, copying the playbook of Michael Saylor's Strategy (MSTR) with bitcoin.

Among other factors, this has helped ignite a breakout in ETH's price, which has gained around 57% in July to almost $3,900, according to CoinDesk data.

ARK also sold just under $7 million of Coinbase (COIN) shares and $15 million worth of Jack Dorsey's fintech company Block (XYZ), based on Monday's closing prices.