ARK Invest Doubles Down on Ethereum with New Stake in Bitmine’s Immersion-Based Treasury Strategy

As Ethereum extends its historic rally, Cathie Wood’s ARK Invest is doubling down on its ether exposure with a sizable investment in Bitmine Immersion Technologies (BMNR), while paring back its position in Coinbase.

According to trade disclosures released Monday, ARK acquired 4.4 million shares of Bitmine Immersion across its suite of ETFs, representing a $116 million investment in the Peter Thiel-backed firm. The ARK Innovation ETF (ARKK) accounted for the largest allocation, picking up nearly 2.9 million shares.

Bitmine, led by Fundstrat’s Tom Lee, has emerged as a prominent corporate holder of ether, having accumulated over 300,000 ETH—now valued at over $1 billion. The company has signaled plans to stake up to 5% of Ethereum’s total supply, positioning itself as an Ethereum-native treasury model akin to MicroStrategy’s well-known bitcoin strategy.

The move signals growing institutional interest in ETH as a strategic balance sheet asset amid rising expectations for Ethereum’s long-term value proposition.

Meanwhile, ARK took profits on another major crypto holding—selling 218,986 shares of Coinbase (COIN) across its ETFs, worth roughly $90.6 million. The sale came shortly after COIN surged to a record high above $437, boosted by the passage of comprehensive U.S. legislation establishing a regulatory framework for stablecoins and digital assets.

Ethereum is currently trading above $3,600, up nearly 44% over the past two weeks, according to CoinDesk market data.