Investment firm ARK tops $300 million in BitMine stock, consolidating their position with a recent $15 million purchase.
In a significant move, Cathie Wood's investment firm, ARK Invest, has increased its holdings in BitMine, a leading Ethereum-related company. This gradual buildup, documented in daily and periodic filings, culminated in the purchase of 339,113 shares of Bitmine Immersion Technologies (BMNR) for $15.6 million.
The purchase of BitMine shares by ARK Invest has placed the total value of its investments in the company over the $300 million mark. This move indicates a continued interest in Ethereum-related companies among institutions, as ARK's recent investment in BitMine comes on the heels of its previous purchases totaling over $300 million in shares of Bitmine Immersion Technologies between August 28, 2025, and the time of reporting.
BitMine's revenue for the quarter ending May saw a substantial increase of 67.5%, reaching $2.05 million. This growth has been accompanied by a boost in Ethereum holdings, with the company increasing its Ethereum holdings by $2.2 billion over the past week. As a result, BitMine now holds 190,000 ETH worth $873 million.
The year-to-date increase for BitMine stands at a remarkable 490%. Despite Ether surging throughout August, BitMine's shares have largely stayed steady, demonstrating the company's resilience in the face of market volatility.
BitMine's net profit margin also climbed 43% compared to the same period last year, further underscoring the company's financial strength.
In addition to its direct investments in BitMine, ARK Invest's strategy includes both direct token holdings and investments in crypto-native businesses. This approach has led to an indirect Ethereum exposure for ARK Invest, as a result of its investment in BitMine.
Robinhood has become one of ARK's most consistent crypto-adjacent holdings, with the institution holding approximately $543 million in Robinhood across its funds as of Wednesday. Last week, ARK Invest bought $21.2 million of Bullish and $16.2 million of Robinhood Markets, further solidifying its position in the crypto-adjacent market.
The purchase of BitMine shares by ARK Invest has not been without its effects on the market. BitMine's shares declined by over 7% on Wednesday, ending at $46.03, and dropped further after hours.
ARK's recent investment in BitMine indicates a continued interest among institutions in Ethereum-related companies, and the potential for further growth in the sector. As BitMine continues to expand its operations and increase its Ethereum holdings, it will be interesting to see how this trend unfolds in the coming months.
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