- Ark Invest purchased $15.6 million in BitMine shares across three ETFs on Wednesday
- BitMine stock dropped 7.85% to $46.03 despite the major investment
- Company holds $8.82 billion in crypto treasury, including 1.71 million ETH tokens
- BitMine expanded equity program to $24.5 billion to fund more Ethereum purchases
- Stock remains up 534.9% year-to-date despite recent 11.58% five-day decline
Cathie Wood’s Ark Invest made a major move Wednesday, purchasing $15.6 million worth of BitMine Immersion Technologies stock even as shares tumbled 7.85%. The investment giant bought shares across three exchange-traded funds while the cryptocurrency treasury company faced selling pressure.
The ARK Innovation ETF led the buying spree with 227,569 shares. The ARK Next Generation Internet ETF added 70,991 shares, while the ARK Fintech Innovation ETF purchased 40,553 shares at Wednesday’s closing price of $46.03.
BitMine stock has experienced high volatility recently. Shares fell 11.58% over five trading days but remain up an impressive 534.9% year-to-date. The Wednesday decline occurred as broader markets gained ground, with the Nasdaq rising 0.2%.
Massive Ethereum Holdings Drive Investment Appeal
BitMine’s attraction lies in its substantial cryptocurrency treasury. The company reported total crypto and cash holdings worth $8.82 billion this week. This includes 1.71 million Ethereum tokens valued at approximately $7.9 billion.
The Ethereum-focused treasury strategy sets BitMine apart from Bitcoin-heavy competitors. The company benefits directly from ETH price movements and growing institutional adoption of the world’s second-largest cryptocurrency.
Ethereum has rallied in recent months following increased institutional interest. Federal Reserve Chair Jerome Powell’s recent comments have also boosted crypto market sentiment.
Expansion Plans Target More ETH Purchases
BitMine filed Securities and Exchange Commission paperwork on August 12 to expand its at-the-market equity program. The company increased the program size to $24.5 billion from $4.5 billion, providing more capital for future Ethereum acquisitions.
Ark Reduces Sports Betting Exposure
While adding BitMine exposure, Ark simultaneously trimmed DraftKings holdings. The firm sold 266,052 DraftKings shares worth $12.7 million across the same three ETFs.
DraftKings recently posted strong quarterly results with $1.51 billion revenue, up 37% year-over-year. The revenue beat analyst estimates of $1.39 billion.
The contrasting trades highlight Ark’s portfolio rebalancing toward cryptocurrency exposure. Wood’s firm continues betting on digital asset companies despite market volatility.
BitMine trades under ticker BMNR and focuses exclusively on Ethereum treasury management. The company’s $8.82 billion holdings make it one of the largest corporate Ethereum holders globally.
