Cathie Wood’s three ARK ETFs acquired an additional $22.8 million in BitMine Immersion Technologies shares.| Credit : Marco Bello / Stringer
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Key Takeaways
Cathie Wood’s ARK Invest purchased $15.6 million worth of BitMine shares across three ETFs.
ARK has been shedding holdings in other crypto-related companies.
BitMine has now accumulated over $7.5 billion in Ethereum and treasury assets, aiming to control 5% of ETH’s total supply.
Cathie Wood’s ARK Invest has purchased a further $15.6 million of shares in Bitmine, as the famed investor continues to double down on chasing Ethereum (ETH).
BitMine, the largest corporate holder of ETH, has intensified its commitment to the asset as it continues on its mission to accumulate 5% of its supply.
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Wood’s investment company began buying up shares in BitMine in July, following the firm’s launch of its Ethereum treasury strategy.
On July 28, ARK acquired an additional $22.8 million worth of shares in the firm, after purchasing $182 million just one week prior.
Alongside the acquisitions, the three flagship ETFs have also been selling off several crypto-related holdings, including 186,417 shares of Block.
The investment firm additionally previously sold $12.7 million worth of Robinhood Markets shares, as well as 18,204 shares of Coinbase Global.
BitMine Doubles Down on ETH
BitMine has intensified its commitment to Ethereum with the launch of a new video series hosted by its Chairman, Tom Lee of Fundstrat.
Under Lee’s leadership, BitMine has so far acquired 1,713,899 tokens, worth roughly $7.9 billion.
BitMine believes that “scarcity creates alchemy,” asserting that accumulating 5% of Ethereum’s supply will help establish it as a global leader.
“That is the alchemy of 5% of ETH,” Lee said in the video.
In addition to increasing its ETH holdings, BitMine stated that it aims to become fully validated and located within the U.S.
It also expressed its desire to become an active participant in the Ethereum network, collaborating with groups like Pudgy Penguins or the Ethereum Foundation.
Lee added that the firm is exploring investments in companies that support the Ethereum ecosystem, though its primary focus remains acquiring 5% of the network.
BitMine Shares Slide
Despite Wood’s bold investments and further ETH accumulation, BitMine shares dropped by down nearly 8% on Wednesday.
This decline follows BitMine’s meteoric rise on July 3, when the stock surged by 3,000% following its aggressive ETH acquisition strategy.
Other companies have been pursuing Ethereum treasury strategies, although have remained far behind BitMine’s lead.
SharpLink Gaming, led by Ethereum co-founder Joe Lubin, has accumulated approximately 800,000 ETH, worth about $3.6 billion.
The firm added a further 56,533 ETH to its holdings in the past week, bought at an average price of $4,462 per ETH.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
