Ark Invest Acquires $15.6M in BitMine Shares

On Wednesday, Ark Invest, led by Cathie Wood, acquired $15.6 million in BitMine Immersion shares across three of its exchange-traded funds (ETFs), amidst a downturn in the stock market. According to the company’s trading disclosure, the ARK Innovation ETF (ARKK) purchased 227,569 shares of BitMine, the ARK Next Generation Internet ETF (ARKW) bought 70,991 shares, and the ARK Fintech Innovation ETF (ARKF) added 40,553 shares. The acquisition occurred as BitMine's stock, trading under the ticker BMNR, dropped 7.85% to close at $46.03 on the same day. Although the stock has decreased by 11.58% in the last week, it remains remarkably up 534.9% year-to-date, as reported by Yahoo Finance. In comparison, the Nasdaq Composite increased by 0.2%, and the Dow Jones Industrial Average rose by 0.3%. BitMine, known for its Ethereum treasury operations, reported earlier this week that its total treasury assets, comprising crypto and cash, reached $8.82 billion, which includes approximately 1.71 million ETH valued at around $7.9 billion. On August 12, BitMine revealed plans to extend its at-the-market equity program from $4.5 billion to $24.5 billion to facilitate further ETH purchases. *Disclaimer: The Block is an independent media outlet. As of November 2023, Foresight Ventures is a primary investor in The Block and focuses on the crypto industry.*