ARK Invest Buys $18.6M in BitMine Shares Amid Ether Treasury Momentum

Cathie Wood’s ARK Invest has acquired $18.6 million worth of shares in BitMine Immersion Technologies (BMNR), reinforcing its exposure to Ethereum-focused corporate strategies.

According to the firm’s latest trading disclosure, ARK added 529,366 BMNR shares across its flagship ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW) on Monday.

The purchase comes as BitMine’s stock continues its sharp retreat, dropping 11.8% on the day to close at $35.11. The stock has now lost roughly 74% from its early July peak of $135.

Despite the drawdown, BitMine remains one of the most aggressive corporate buyers of ether (ETH), having accumulated over 300,000 ETH—valued at more than $1 billion—as part of its crypto treasury strategy. The move mirrors earlier tactics by firms like MicroStrategy (MSTR), which pioneered the corporate bitcoin treasury model.

ETH has surged approximately 57% in July alone, nearing the $3,900 mark, buoyed in part by rising institutional interest and on-chain activity, according to CoinDesk data.

In parallel, ARK trimmed positions in other crypto-exposed equities, selling nearly $7 million in Coinbase (COIN) shares and $15 million worth of Block (XYZ) based on Monday’s closing prices.