ARK Invest has expanded its exposure to ether-linked companies, purchasing $15.6 million in shares of Bitmine Immersion Technologies (BMNR) on Wednesday.

The St. Petersburg, Florida-based firm bought 339,113 BMNR shares across its ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF) exchange-traded funds, according to an emailed update.

Despite the fresh investment, Bitmine’s stock fell 7.85% to $46.03.

Bitmine, led by Fundstrat co-founder Tom Lee, is among the largest corporate holders of ether, with more than 1.7 million ETH — valued at just under $8 billion at current prices.

The purchase reflects Cathie Wood’s tactical approach, where ARK often increases positions during price weakness and trims holdings after rallies to maintain target ETF allocations.