- Cathie Wood’s ARK Invest purchased $22.8 million worth of BitMine shares across three ETFs, even as the company’s stock plummeted 27% on the same day.
- Alongside the BitMine buy, ARK shed holdings in other crypto-related companies—including Block , Robinhood, and Coinbase.
- BitMine has now accumulated over $2.6 billion in Ethereum and treasury assets, aiming to control 5% of ETH’s total supply.
Cathie Wood’s three ARK ETFs acquired an additional $22.8 million in BitMine Immersion Technologies shares on Monday, July 28.
The purchase comes as BitMine, now the largest corporate holder of Ethereum, saw its stock drop dramatically by 27% on the same day.
Wood Buys More BitMine Shares
According to transaction data , the ARK Innovation ETF (ARKK) acquired 401,318 BitMine shares, the ARK Next Generation Internet ETF (ARKW) bought 128,048 shares, and the ARK Fintech Innovation ETF (ARKF) purchased 43,487 shares.
This purchase follows just one week after Wood’s ARK Invest acquired $182 million worth of shares in BitMine.
Alongside the acquisition, the three flagship ETFs also sold off several crypto-related holdings, including 186,417 shares of Block.
The investment firm additionally sold $12.7 million worth of Robinhood Markets shares, as well as 18,204 shares of Coinbase Global.
BitMine Doubles Down on ETH
On Monday, BitMine 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 acquired over $2.6 billion in ETH and treasury assets since it launched its strategic ETH treasury initiative on July 7.
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 United States.
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 Lee’s bold moves and public statements, BitMine shares dropped by nearly 27% on Monday.
The stock fell 11% during regular trading hours and another 15% in after-hours trading.
This decline follows BitMine’s meteoric rise on July 3, when the stock surged by 3,000% following its aggressive ETH acquisition strategy.
BitMine currently holds an estimated 600,000 Ether, valued at approximately $2.2 billion.
