Cathie Wood’s ARK Invest expanded its crypto exposure this week with a fresh $15.6 million purchase of BitMine Immersion Technologies (BMNR), despite the stock closing down 7.85% on the day.
According to ARK’s daily trading update on August 27, the firm acquired 339,113 shares of BitMine across three of its exchange-traded funds.
The ARK Innovation ETF added 227,569 shares worth $10.48 million; the Next Generation Internet ETF picked up 70,991 shares valued at $3.27 million; and the Fintech Innovation ETF bought 40,553 shares for $1.87 million.
BMNR closed at $46.03 before slipping another 7.85% in after-hours trading, according to Google Finance.
Cathie Wood Shows Confidence in Ethereum With Fresh BitMine Buys
The investment builds on ARK’s earlier accumulation of BitMine stock, which has surpassed $200 million in purchases this summer.
The decision shows Wood’s growing confidence in BitMine’s Ethereum-focused strategy, even as the firm continues to adjust its portfolios by trimming holdings in Coinbase, Roblox, and other fintech names.
Late last month, ARK offloaded $90.5 million worth of Coinbase shares and $57.7 million in Roblox stock, while adding exposure to BitMine as well as companies like AMD, DoorDash, and Airbnb.
BitMine, chaired by Fundstrat’s Tom Lee, has quickly emerged as one of the most talked-about names in the digital asset sector. The company shifted from a Bitcoin mining model to an Ethereum-focused treasury strategy earlier this summer, a move that triggered a dramatic surge in its stock price.
Shares of BitMine soared more than 3,000% to a record high of $135 in early July before retreating, though the stock is still up over 400% year-to-date.
The firm now holds 1.71 million ether, worth about $8 billion as of August 24, making it the single largest Ethereum treasury globally. That balance sheet strength has drawn institutional attention, with billionaire investor Peter Thiel taking a 9.1% stake in the company last month.
The endorsement, combined with ARK’s sustained buying, has fueled market speculation that BitMine could become a leading proxy for Ethereum exposure among traditional investors.
The timing of ARK’s latest purchase comes amid heightened volatility in both equities and crypto markets.
Ethereum itself has struggled to break higher in recent weeks after reaching an all-time high, but the strategic bet on BitMine reflects Wood’s long-term focus on decentralized finance as a driver of growth.
Social media reaction from traders and crypto enthusiasts has framed the move as a bullish sign, pointing to BitMine’s role as a key corporate holder of ether.
The ARK Innovation ETF, the firm’s flagship fund with $6.8 billion in assets under management, still counts Tesla as its largest position at 9.7% but has increasingly pivoted toward crypto-related firms.
Alongside BitMine, it maintains sizable stakes in Coinbase, Circle, and Robinhood, which it recently augmented with a $14.2 million purchase.
BitMine Becomes World’s Largest Corporate Ethereum Holder With $8.25B Stash
BitMine Immersion Technologies has intensified its buying spree, pushing its Ethereum holdings to unprecedented levels.
The Delaware-based firm disclosed it now controls 1,713,899 ETH, valued at $8.25 billion, alongside 192 Bitcoin and $562 million in cash.
The position cements BitMine as the world’s largest corporate Ethereum treasury and places it second among all corporate crypto holders, behind only Michael Saylor’s Strategy Inc.
The firm’s accumulation strategy, launched in late June, has added more than 190,000 ETH in a single week.
Crypto investor Ryan Sean Adams called the scale of buying “absolutely unprecedented,” noting that BitMine has absorbed 1.4% of all ETH supply in just 50 days.
“If Tom [Lee] gets to his 5% target and ETH goes above $12,000, BitMine would be larger than MicroStrategy,” Adams said.
To fuel further purchases, BitMine has dramatically expanded its fundraising. On August 12, the company filed with the SEC to increase its at-the-market equity offering to $24.5 billion, up from the $2 billion announced in July.
The offering, led by Cantor Fitzgerald and ThinkEquity, represents one of the largest equity raise expansions in the crypto sector.
While proceeds may also support Bitcoin acquisitions and mining operations, Ethereum remains the company’s clear priority. As of early August, BitMine controlled roughly 5% of ETH’s circulating supply, surpassing other corporate treasuries within just 35 days of launching its strategy.
Fundstrat CIO Tom Lee projects Ethereum could reach $5,500 in the near term and potentially $12,000 by year-end, citing Wall Street’s growing interest following the passage of the GENIUS Stablecoin Act. With more than $145 billion in stablecoins running on Ethereum, Lee described ETH as one of the most important macro investments of the decade.
The post Cathie Wood’s Ark Invest Buys $15.6M BMNR – Bet on Tom Lee’s ETH Treasury? appeared first on Cryptonews.
