ARK Invest Boosts BitMine Stake to $284 Million, Deepening Bet on Ethereum Proxy

Cathie Wood's investment firm has significantly increased its position in BitMine Immersion Technologies, a company focused on building a massive Ethereum treasury. The latest purchase reinforces ARK's strategy of using the stock as a key proxy for exposure to the Ethereum ecosystem.

NEW YORK – Cathie Wood's ARK Invest has continued to expand its significant position in BitMine Immersion Technologies (NASDAQ: BMNR), a company strategically focused on building one of the world's largest corporate Ethereum (ETH) treasuries.

According to recent fund filings, ARK's Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF) ETFs collectively added 101,950 shares of BitMine stock, valued at approximately $4.4 million. This latest acquisition brings ARK's total combined holdings in the company to 6.7 million shares, worth an estimated $284 million.

This move builds on a substantial block trade executed in mid-2025. On July 22, BitMine announced that ARK Invest had acquired over 4.77 million shares for a total of $182 million. To fund that purchase, ARK engaged in significant portfolio rebalancing, selling off $90.5 million worth of Coinbase (COIN) and $57.7 million of Roblox (RBLX) stock, signaling a strategic rotation of capital into its high-conviction Ethereum play.

BitMine's Aggressive Ethereum Treasury Strategy

ARK's investment thesis in BitMine is closely tied to the company's aggressive accumulation of ETH. As of early September, BitMine announced its treasury had surpassed 2.06 million ETH, valued at over $9.2 billion. This holding represents approximately 1.7% of all circulating Ether, making BitMine the largest public corporate holder of the asset.

BitMine's Chairman, Tom Lee of Fundstrat, has publicly stated the company's long-term goal is to acquire 5% of the total ETH supply. "We continue to believe Ethereum is one of the biggest macro trades over the next 10 to 15 years," Lee commented, underscoring the company's bullish outlook.

By increasing its stake in BitMine, ARK Invest gains significant indirect exposure to this massive and growing ETH treasury. The move aligns with ARK's broader investment thesis in the digital asset space, providing a vehicle to capitalize on the potential upside of the Ethereum network through a publicly-traded equity. The strategy has paid off so far in 2025, with BMNR stock having gained over 460% year-to-date at its peak.