Cathie Wood’s ARK Invest has made a decisive move into Ethereum with a $116 million investment in Bitmine Immersion Technologies (BMNR), a company positioning itself as a leading corporate ETH holder. The allocation comes as ARK trims its exposure to crypto exchange Coinbase (COIN) amid shifting market dynamics.

According to trade filings released Monday, ARK purchased 4.4 million shares of Bitmine across multiple ETFs. The ARK Innovation ETF (ARKK) received the largest portion with nearly 2.9 million shares.

Bitmine, backed by tech investor Peter Thiel and led by Fundstrat’s Tom Lee, has accumulated over 300,000 ETH, worth more than $1 billion. The firm intends to stake up to 5% of Ethereum’s total supply, solidifying its role as a key treasury vehicle for ETH—paralleling MicroStrategy’s high-profile Bitcoin strategy.

Meanwhile, ARK reduced its Coinbase position, selling 218,986 shares—a sale valued at $90.6 million. The divestment followed Coinbase’s rally to a record high of $437, driven by U.S. legislative progress on crypto regulation, including a new federal framework for stablecoins and digital assets.

At press time, ether (ETH) trades above $3,600, having gained nearly 44% in the past two weeks, according to CoinDesk data.