Cathie Wood’s Ark Invest adds $15.6M in BitMine stock across ETFs

Ark Invest has increased its exposure to Ethereum treasury company BitMine Immersion Technologies (BMNR), this time adding another $15.6 million worth of shares to its portfolio.

The Cathie Wood-led firm purchased shares across three of its active ETFs on Wednesday, bringing its total investment in BitMine to over $300 million.

With the latest share buy, Ark has positioned itself as one of the largest institutional backers of the Vegas-based ETH powerhouse, and also reinforcing its conviction in Ethereum’s long-term potential as a corporate treasury asset.

Ark Invest doubles down on BitMine’s Ethereum bet

This most recent tranche saw the ARK Innovation ETF (ARKK) acquire 227,569 shares, while the ARK Next Generation Internet ETF (ARKW) picked up 70,991 shares, and the ARK Fintech Innovation ETF (ARKF) added another 40,553 shares to the mix. 

The cumulative total now places BitMine among ARK’s top crypto-equity holdings, second only to Coinbase.

As of now, ARK holds nearly $676 million worth of COIN shares, although it trimmed a small portion last week by selling 5,721 shares.

ARK’s first major plunge into BitMine came on July 21, when it scooped up $174 million worth of stock in a single day. Less than two weeks later, the firm followed up with another $17 million purchase. 

The current investment brings the total to over $306 million, making BitMine a core component of ARK’s blockchain strategy.

Why is Cathie Wood doubling down on BitMine?

Ark Invest’s interest in BitMine may stem from the fact that it currently leads the Ethereum treasury market as its largest corporate holder.

For ARK, this appears less about short-term performance and more about owning equity in what it likely sees as an essential pillar of the decentralised future.

BitMine was originally a cryptocurrency mining company that pivoted to become a long-term ETH accumulator.

On-chain data shows that BitMine currently holds 1.58 million ETH, worth about $7.5 billion, making it the single largest corporate holder of Ethereum globally.

The firm began its accumulation earlier this year with an initial purchase worth nearly half a billion dollars, and has since kept buying aggressively, including a recent $45 million acquisition of 9,600 ETH.

Over the long run, BitMine aims to capture 5% of Ethereum’s total supply, which would mean it would need to accumulate roughly 6 million ETH.

BitMine is part of a small but growing group of public companies, including names like SharpLink Gaming and The Ether Machine, all of which are betting on Ethereum’s long-term value.

For ARK Invest, BitMine is just one part of a larger playbook, as it is known for aggressive, forward-leaning bets on companies positioned at the edge of technological change.

While critics have argued about the volatility of such a strategy, Wood’s team remains consistent in its thesis that transformative tech is where long-term value is born.

Some of the company’s recent investments were directed towards firms like crypto exchange operator Bullish, Robinhood Markets, and Block Inc. 

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