ARK Invest Acquires $18.6 Million in BitMine Immersion Technologies

ARK Invest purchased $18.6 million worth of shares in BitMine Immersion Technologies (BMNR).

Cathie Wood’s investment firm added a total of 529,366 BMNR shares to its Innovation (ARKK) and Next Generation Internet (ARKW) exchange-traded funds (ETFs) on Monday, according to an email notification.

BMNR’s shares fell more than 11.8% to $35.11, and the stock is down roughly 74% since peaking at $135 earlier this month.

BitMine has established itself as one of the largest corporate accumulators of ether recently, acquiring over 300,000 ETH valued at over $1 billion.

Many companies have adopted a strategy of building an Ethereum treasury, mirroring Michael Saylor’s strategy with bitcoin.

This trend has contributed to a surge in ETH’s price, which increased around 57% in July to nearly $3,900, according to CoinDesk data.

Additionally, ARK sold just under $7 million of Coinbase (COIN) shares and $15 million worth of Jack Dorsey’s fintech company Block (XYZ), based on Monday’s closing prices.