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Ark Invest Doubles Down on Ethereum With $9M BitMine Purchase
Cathie Wood’s Ark Invest strengthens its exposure to Ethereum-focused firm BitMine Immersion Technologies (BMNR), acquiring 240,507 shares worth roughly $9.2 million through three of its actively managed ETFs, according to Thursday’s filings. This move highlights Ark Invest’s continued bullish stance on digital assets despite recent market volatility.
Ark Invest’s Strategic Ethereum Bet
Ark’s acquisition comes as Ethereum (ETH) faces a downward trend from its recent all-time high. On Friday, BMNR shares edged up 2%, trading above $38, while ETH itself changed hands around $3,375, down roughly 33% from its August peak of $4,946.
Through its ARKK, ARKF, and ARKW ETFs, Ark now collectively holds over 6.8 million BMNR shares, valued at nearly $260 million. The firm’s largest purchase occurred in July, when it acquired around 4.7 million shares at $40.77 each. BitMine Chairman Tom Lee hailed Ark’s involvement at the time as an “exponential opportunity,” underscoring the significance of Ark’s continued investments in the Ethereum ecosystem.
BitMine: A Crypto Treasury Powerhouse
BitMine Immersion Technologies now holds close to 3.4 million ETH, representing nearly $11.3 billion in assets, making it the largest publicly traded Ethereum treasury firm and the second-largest digital asset treasury after Bitcoin-focused Strategy’s $65 billion BTC reserve. Ark’s growing stake emphasizes its strategy to invest heavily in firms that hold substantial crypto assets, rather than individual cryptocurrencies alone.
Cathie Wood Adjusts Bitcoin Forecast
While Ark remains bullish on digital assets, Cathie Wood made headlines this week by lowering her Bitcoin (BTC) price target. Previously predicting BTC could reach $1.5 million per coin by 2030, she now sees the leading crypto trading at $1.2 million in the same timeframe. Wood cited the rapid adoption of stablecoins as a factor limiting Bitcoin’s growth potential:
“Given what’s happening to stablecoins—serving emerging markets in the way we thought Bitcoin would—I think we could take $300,000 off of that bullish case for Bitcoin,” she told CNBC.
The revised target aligns with Ark’s earlier base case scenario, which accounts for the active supply of Bitcoin—excluding lost or long-held coins. The firm’s bull case still sees BTC reaching $2.4 million by 2030 under optimal conditions.
Bitcoin and Ethereum Market Movements
The past week has seen Bitcoin fluctuate sharply. BTC is up 1.3% over the last 24 hours, trading at $102,488 after briefly dipping below $100,000 earlier in the week—the first time since May. Market trackers on Myriad now estimate only a 26% chance of Bitcoin hitting a new all-time high this year, reflecting cautious sentiment among traders.
Meanwhile, Ethereum has rebounded slightly, rising about 2.7% on Friday but remaining nearly 33% off its August all-time high of $4,946. Despite the short-term pullback, Ark Invest’s commitment to BMNR signals confidence in Ethereum’s long-term growth trajectory.
Ark Invest’s Dual Strategy: ETFs and Treasury Holdings
Ark’s approach illustrates a broader trend in crypto investing: acquiring firms with substantial cryptocurrency reserves rather than directly buying coins. By integrating BMNR into three of its actively managed ETFs, Ark provides indirect exposure to Ethereum while spreading risk across multiple investment vehicles.
The recent $9.2 million purchase underscores a strategic opportunity: investors are increasingly seeking firms with large digital asset treasuries, especially amid market volatility. Ark’s ongoing investment in BMNR also highlights the growing intersection of traditional financial instruments and crypto-native firms, giving equity investors a way to tap into the Ethereum ecosystem.
As Ethereum consolidates and Bitcoin navigates near-term turbulence, Ark Invest’s continued accumulation of BMNR shares reflects a long-term conviction in the institutional adoption of digital assets. With Ethereum treasuries like BMNR now holding billions in ETH, these firms are becoming increasingly significant players in shaping crypto market sentiment.
Ark Invest’s active ETF strategy and Cathie Wood’s adjusted forecasts provide insight into how institutional investors are balancing optimism with caution. As the crypto markets evolve, firms holding substantial ETH and BTC reserves may increasingly dictate market trends, making Ark’s moves a key barometer for both Ethereum and Bitcoin investors.
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