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.
Authors credited by the source: Bhushan Akolkar
Published by Holder based on an external source.
