TLDR
- Ark Invest boosts BitMine stake to $300M as ETH gains momentum.
- Ark doubles down on BitMine, eyeing Ethereum-driven upside.
- BitMine dips, Ark Invest buys $15.6M more, betting on ETH rally.
- Ark’s $300M BitMine bet grows as Ether fuels bullish outlook.
- Ark scoops up 339K BitMine shares amid Ethereum price surge.
Ark Invest boosted its stake in BitMine Immersion Technologies as shares dropped sharply on August 27. The asset manager purchased 339,113 shares worth around $15.6 million during the trading session. This move raised Ark Invest’s total exposure to BitMine to over $300 million.
BitMine closed at $46.03 on August 27, down 7.85% on the day and 11.58% over five sessions. However, pre-market activity pushed the stock up to $47.26, recovering 2.67% early on August 28. Ark Invest’s decision to increase holdings came as Ether prices rose, signaling strong conviction in Ethereum-linked firms.
Ark Innovation ETF (ARKK) led the latest purchase, acquiring 227,569 BMNR shares. Ark Next Generation Internet ETF (ARKW) bought 70,991 shares, and Ark Fintech Innovation ETF (ARKF) added 40,553 shares. Each fund increased its exposure as BitMine traded near a recent low, boosting Ark Invest’s confidence in the company’s long-term trajectory.
ETH Holdings Fuel Bullish Outlook for BitMine
BitMine Immersion Technologies operates as a treasury firm heavily exposed to Ethereum, which drives market interest in its stock. The company holds 1.71 million ETH and cash totaling $8.82 billion, with ETH valued around $7.9 billion. This vast crypto treasury positions BitMine as a major Ethereum proxy in equity markets.
Earlier this month, BitMine filed with the SEC to expand its at-the-market equity program from $4.5 billion to $24.5 billion. The capital raised through this expansion would support additional ETH purchases, further aligning its strategy with Ethereum’s long-term performance. The move confirmed BitMine’s intention to strengthen its treasury status in the blockchain ecosystem.
Despite Ether rising from $3,900 to $4,600 this month, BitMine’s stock has remained flat, suggesting a possible lag in equity valuation. Ark Invest appears to have identified this mismatch, using the dip to enhance its position. This action reinforces Ark Invest’s belief in the underlying value tied to Ethereum’s growth.
Ark Invest Ramps Up Crypto Equity Positions
Ark Invest increased its activity across several crypto-related equities beyond BitMine in recent weeks. On August 20, the firm added $21.2 million in Bullish shares and $16.2 million in Robinhood Markets stock. It also acquired $19.2 million worth of Block shares earlier this month.
Currently, Ark Invest holds around $543 million of Robinhood shares and nearly $676 million in Coinbase stock. The firm sold 5,721 COIN shares last week but still maintains a dominant position in the company. BitMine now accounts for nearly half the size of its Coinbase stake.
Ark Invest initially invested in BitMine on July 21 with a $174 million purchase. It followed that with a $17 million purchase on August 2 before this latest $15.6 million buy. The purchases reflect Ark Invest’s strategy of accumulating disruptive assets during price corrections.
