Cathie Wood’s ARK Invest Acquires $18.6M Stake in BitMine Amid ETH Market Pullback

ARK Invest Boosts Ethereum Exposure With $18.6M BitMine Share Purchase

Cathie Wood’s ARK Invest has deepened its bet on Ethereum-aligned companies, purchasing $18.6 million worth of shares in BitMine Immersion Technologies (BMNR), a firm rapidly building one of the largest ether treasuries in the corporate sector.

The asset manager acquired 529,366 BMNR shares across its flagship Innovation ETF (ARKK) and Next Generation Internet ETF (ARKW) on Monday, as disclosed in its daily trading update.

Despite the strategic buy, BMNR shares dropped 11.8% to close at $35.11, extending a sharp pullback from a July high of $135 — a 74% decline.

BitMine has accumulated over 300,000 ETH, currently valued at more than $1 billion, positioning itself as a leading corporate holder of Ethereum. The move echoes the bitcoin treasury strategy popularized by MicroStrategy but centered on Ethereum’s growing role in decentralized finance and Web3 infrastructure.

Ether’s strong performance — up roughly 57% in July to near $3,900 — has been partly driven by this wave of institutional accumulation.

In a parallel move, ARK reduced exposure to other crypto-related stocks, selling nearly $7 million in Coinbase (COIN) shares and approximately $15 million of fintech firm Block (XYZ), likely reallocating capital toward Ethereum-based strategies.