Cathie Wood’s ARK Invest has increased its exposure to Ethereum-focused firm BitMine Immersion Technologies (BMNR) with a fresh investment of $15.6 million, strengthening its position in the crypto sector.
ARK Invest Now Holds Over $300M in BitMine
The purchase was executed on Wednesday across three major ARK ETFs:
- ARK Innovation ETF (ARKK) acquired 227,569 shares
- ARK Next Generation Internet ETF (ARKW) added 70,991 shares
- ARK Fintech Innovation ETF (ARKF) bought 40,553 shares
This brings ARK’s total BitMine holdings to more than $300 million, almost half the size of its Coinbase (COIN) position, which currently stands at $676 million, even after a recent sale of 5,721 COIN shares.
BitMine’s ETH Holdings Hit $7.5 Billion
BitMine has emerged as a key Ethereum treasury company, recently reporting ETH reserves worth $7.5 billion. ARK’s consistent investments signal a bullish outlook on Ethereum-related firms and crypto infrastructure growth.
ARK initially began building its BitMine position on July 21, purchasing $174 million in shares in a single day, followed by an additional $17 million on August 2.
ARK Invest’s Crypto-Focused Strategy Continues
The firm has also been expanding its crypto exposure beyond BitMine, acquiring $21.2 million in Bullish stock and $16.2 million in Robinhood shares in recent weeks. As of Wednesday, ARK holds around $543 million worth of Robinhood stock, alongside a recent $19.2 million purchase in Block shares.
Despite the latest 8% decline in BitMine shares to $46.03, followed by another 2.22% dip in after-hours trading, the stock remains up nearly 490% year-to-date. For the quarter ended in May, BitMine reported $2.05 million in revenue, marking a 67.5% increase year-over-year, with a 43% rise in net profit margin.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.