ARK Invest Increases BitMine Holdings Above $300M

Cathie Wood's ARK Invest has increased its investment in BitMine Immersion Technologies (BMNR) by purchasing $15.6 million in shares across three of its ETFs, bringing its total holdings in BitMine to over $300 million. This purchase aligns with ARK Invest's strategy of backing high-growth and disruptive technologies, particularly focusing on Ethereum-related assets, as BitMine has rapidly expanded its Ethereum holdings to over 1.7 million ETH valued at approximately $7.9 billion. BitMine's aggressive accumulation of Ethereum reflects a wider market shift favoring ETH over Bitcoin, with Ethereum's market share and price performance significantly outpacing Bitcoin's in recent months. ARK's investments in BitMine complement its broader crypto-related portfolio, which also includes substantial stakes in Coinbase, Bullish, Robinhood, and Block. Despite a recent price decline in BitMine's stock, investor confidence remains strong, driven by the company's treasury strategy and ability to raise capital through stock offerings. The growing institutional interest in Ethereum treasury companies like BitMine highlights a notable trend in the cryptocurrency investment landscape.