ARK Invest added Bitmine shares to its ETFs, showing more support for companies tied to Ethereum.
- ARK Invest purchased 339,113 shares of Bitmine Immersion Technologies.
- Bitmine owns over 1.7 million ether tokens worth nearly $8 billion.
- Despite a 7.85% drop in Bitmine’s stock, ARK increased its exposure.
ARK Invest Expands Its Ethereum-Linked Holdings
ARK Invest made a big move by buying $15.6 million in shares of Bitmine Immersion Technologies (BMNR). The Florida-based investment firm added 339,113 BMNR shares to three of its ETFs: Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF).
This shows ARK’s growing interest in firms with strong ties to Ethereum. Even though Bitmine’s stock lost 7.85% of its value and closed at $46.03 on Wednesday, ARK chose to increase its stake.
Bitmine Holds a Large Ethereum Treasury
Bitmine is not just a tech company. It is one of the largest corporate holders of ether, Ethereum’s native cryptocurrency. Led by Tom Lee of Fundstrat, Bitmine has purchased over 1.7 million ether tokens. These holdings are worth nearly $8 billion today.
Bitmine also has an estimated $562 million left in buying power. This financial strength may have made it an attractive choice for ARK, even after the drop in stock price.
ARK Invest’s Strategy Remains the Same
ARK, which is managed by Cathie Wood, often buys shares of companies after their prices fall. When prices rise, it sells some shares to keep a balanced portfolio. This buy-low strategy helps ARK manage risk across its ETFs.
This latest move aligns with ARK’s approach and shows continued confidence in firms tied to Ethereum. It also reflects the firm’s long-term view on the usefulness of ether-related businesses in financial technology.
Source: coindesk.com
