ARK Invest Expands BitMine Holdings as Ethereum Treasury Crosses 2 Million ETH
Cathie Wood’s ARK Invest has increased its investment in BitMine Immersion Technologies (BMNR), acquiring 101,950 shares valued at approximately $4.4 million. This purchase was executed across three ARK funds: the ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF. Collectively, these funds now hold 6.7 million BitMine shares, worth around $284 million.
BitMine Surpasses Major Ethereum Treasury Milestone
BitMine recently announced that its Ethereum holdings have surpassed the 2 million ETH threshold, representing approximately $8.9 billion in value. This accumulation, achieved in just five months, accounts for about 1.7% of the total Ether supply, positioning BitMine as the largest corporate treasury holder of Ethereum worldwide. The company holds 42% of the 4.9 million ETH currently held by corporations.
The firm remains on track to meet its target of acquiring 5% of the total Ether supply, having reached 34% of that goal so far. BitMine chairman Tom Lee emphasized his confidence in Ethereum’s long-term value, stating, “We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years.” Meanwhile, Ether’s price has remained relatively stable, trading within a narrow range this month.
Market Reaction and Outlook
Following the announcement, BitMine shares rose 4.1% during after-hours trading, reaching $44.10 per share. The stock has seen a remarkable 460% increase since the start of the year. ARK Invest’s growing exposure to BitMine reflects continued institutional interest in cryptocurrency treasury strategies.
Tom Lee also expressed optimism regarding the Federal Reserve’s anticipated interest rate cut, which futures markets currently price in as highly probable. Lee suggested that a rate reduction could lower borrowing costs, boost business confidence, and provide support to equities, particularly small-cap stocks, and cryptocurrencies.
FinOracleAI — Market View
ARK Invest’s increased stake in BitMine underscores growing institutional confidence in Ethereum-based treasury strategies. BitMine’s milestone of holding over 2 million ETH highlights significant corporate adoption of cryptocurrency assets. However, with Ether prices rangebound recently, market performance may hinge on broader macroeconomic factors, including Federal Reserve policy decisions.
Impact: positive
