ARK Invest buys $4.4M in BitMine stock as its treasury crosses 2M ETH
Cathie Wood’s ARK Invest has purchased an additional 101,950 shares of BitMine Immersion Technologies (BMNR), a move valued at roughly $4.4 million. The new shares were acquired across three ARK funds: the ARK Innovation ETF (which now holds about a 2.6% allocation to BitMine), the ARK Next Generation Internet ETF, and the ARK Fintech Innovation ETF, which holds a similar allocation.
Together, those three ARK funds now own approximately 6.7 million BitMine shares, with a combined value near $284 million according to fund prospectuses. ARK has been increasing its exposure to BitMine since the company began accumulating Ether (ETH) as a treasury asset in April.
The stock purchase coincided with BitMine announcing that its Ethereum holdings have surpassed 2 million ETH, an amount the company estimates is worth about $8.9 billion. In roughly five months BitMine has amassed about 1.7% of Ether’s circulating supply and has become the largest corporate Ether treasury, holding roughly 42% of the roughly 4.9 million ETH that corporations currently report holding.
BitMine’s share price moved higher on the news, trading up about 4.1% in after-hours trading to roughly $44.10, and the stock has rallied roughly 460% year-to-date. The company is still pursuing an aggressive accumulation target: it is reported to be about 34% of the way toward its goal of holding 5% of Ether’s total supply, suggesting further buying could continue.
BitMine chairman Tom Lee said the firm remains confident in Ethereum’s long-term outlook, calling Ethereum “one of the biggest macro trades over the next 10–15 years.” Lee also expressed optimism about the prospect of an upcoming Federal Reserve interest-rate cut, saying lower rates could boost business confidence and support equities and crypto. Market futures at the time indicated a strong chance of a 25 basis-point cut relative to larger moves.
Meanwhile, Ether prices have been relatively rangebound in the short term, trading in a tight channel even as corporate treasuries like BitMine continue to accumulate the asset.
