Cathie Wood’s Ark Invest Acquires $20 Million in Bitmine Technologies Shares
Cathie Wood's Ark Invest purchased $20 million worth of Bitmine Technologies (NYSE: BMNR) shares on July 28, acquiring 572,853 shares despite a 12% decline in stock price that day. Key details include:
- ARK Innovation ETF (ARKK) bought 401,318 shares
- ARK Next Generation Internet ETF (ARKW) acquired 128,048 shares
- ARK Fintech Innovation ETF (ARKF) added 43,487 shares
This follows a previous investment of $182 million in Bitmine shares after Peter Thiel's $500 million stake in the company. Bitmine, the largest holder of ETH with 566,800 tokens, reported its Ether holdings surpassed $2 billion within 16 days.
The BMNR stock closed at $35 and fell another 14% in after-hours trading to $30. Despite volatility, it maintains a potential upside of 500% since announcing its ETH treasury plan.
Market Developments
The competition for Ethereum treasuries is intensifying, with Bitmine and SharpLink Gaming (NASDAQ: SBET) vying for the largest ETH reserves. Spot Ethereum ETFs have seen increased inflows, led by BlackRock’s iShares Ethereum Trust (ETHA), which now holds 3 million ETH, exceeding $10 billion in assets.
Ark Invest has also partnered with SOL Strategies as the exclusive staking provider for its Digital Assets Revolutions Fund, migrating validator operations to their infrastructure.