ARK Invest purchased $15.6 million worth of shares in Bitmine Immersion Technologies (BMNR), one of the largest corporate ether holders, according to a Wednesday disclosure.
The Florida-based investment manager acquired 339,113 BMNR shares across three of its exchange-traded funds — ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF) — an emailed notice confirmed.
Bitmine stock closed down 7.85% at $46.03 on the day.
Led by Fundstrat’s Tom Lee, Bitmine has amassed more than 1.7 million ETH, valued at just under $8 billion at current market prices, cementing its position as one of the largest ether treasury firms.
The move fits the Cathie Wood-led ARK Invest’s strategy of buying into companies during price pullbacks and trimming positions during rallies to maintain balanced ETF weightings.
About The Author
More Stories
Bitcoin reclaims $81,000 after stronger-than-expected CPI data, as BNB and DOGE outperform major cryptocurrencies
For the first time since March 2023, Bitcoin’s bull-bear cycle gauge has turned green.
GameStop’s $56 billion bid is rejected by eBay, shifting attention back to the company’s bitcoin holdings.