TLDR
- ARK Invest purchased $4.4 million worth of BitMine Immersion Technologies shares across three ETFs on Monday
- BitMine reached a major milestone by crossing 2 million ETH in treasury holdings, valued at $8.9 billion
- The company now controls 1.7% of Ethereum’s total supply and holds 42% of all corporate ETH holdings
- BitMine shares jumped 4.1% on the news and have gained 460% year-to-date
- ARK simultaneously sold $5.13 million in Robinhood stock as it surged 15.8% on S&P 500 inclusion
Cathie Wood’s ARK Invest purchased $4.4 million worth of BitMine Immersion Technologies shares on Monday as the Ethereum treasury company hit a major milestone. BitMine announced its ETH holdings crossed 2 million tokens, worth approximately $8.9 billion.
ARK Invest distributed the purchase across three funds. The ARK Innovation ETF bought 67,700 shares, while the ARK Next Generation Internet ETF acquired 21,890 shares. The ARK Fintech Innovation ETF purchased 12,360 shares.
The combined ARK funds now hold 6.7 million BitMine shares valued at $284 million. Wood’s investment firm has steadily increased its BitMine position since April when the company began accumulating Ethereum.
BitMine shares gained 4.1% on Monday to close at $43.79. After-hours trading saw additional gains of 0.71% to $44.10. The stock has posted remarkable 460% gains year-to-date.
BitMine Becomes Ethereum Treasury Leader
BitMine’s 2 million ETH milestone makes it the world’s largest corporate Ethereum holder. The company accumulated this position in just five months since pivoting to Ethereum treasury strategy.
Tom Lee, BitMine’s chairman, said the company now controls 1.7% of Ethereum’s total supply. BitMine holds 42% of all corporate ETH holdings across the industry, which totals 4.9 million tokens.
The company targets 5% of Ethereum’s total supply. Current holdings represent 34% progress toward that ambitious goal. Lee expressed confidence in Ethereum as a major macro trade over the next 10-15 years.
Market Activity and Future Outlook
ARK Invest sold $5.13 million worth of Robinhood shares on the same trading day. The ARK Next Generation Internet ETF offloaded 43,728 Robinhood shares as the stock surged 15.8% on S&P 500 inclusion news.
Federal Reserve interest rate expectations support crypto markets. Futures markets show 89.4% probability of a 25 basis point cut and 10.6% chance of a 50 basis point reduction.
Ethereum prices remain range-bound this month around $4,364. Despite price stagnation, BitMine continues its accumulation strategy. The company maintains its position as the dominant corporate Ethereum holder while pursuing its 5% supply target.
Lee expects Fed rate cuts to boost business confidence and support both equities and cryptocurrency markets. BitMine’s treasury strategy positions the company for potential Ethereum appreciation over the coming decade.
