Cathie Wood’s Ark Invest buys $9 million of Ethereum-treasury firm BitMine’s shares amid 10% price drop
Ark Invest purchased $9 million worth of BitMine shares across three ETFs as the stock dropped nearly 10%.Summary
Cathie Wood’s Ark Invest acquired 240,507 shares of BitMine (BMNR), an Ethereum-treasury company, valued at approximately $9 million, across its ARKK, ARKW, and ARKF exchange-traded funds on Thursday. This purchase occurred as BitMine's stock fell by nearly 10%, continuing a recent downward trend, although the stock remains significantly up since adopting its ETH treasury strategy in June.
BitMine is a significant holding for Ark's funds, ranking as the thirteenth-largest in ARKK and ARKW, and fourteenth-largest in ARKF, with weightings around 2.3% to 2.4%. Ark's strategy limits any single holding to 10% of a fund's portfolio, suggesting potential rebalancing if the stock value fluctuates significantly.
BitMine, supported by institutional investors like Ark Invest, aims to acquire 5% of the circulating Ethereum supply and is currently the largest public holder of ETH, followed by SharpLink and The Ether Machine. BitMine's stock closed Thursday at $37.37, down 9.8%, amidst a broader decline in crypto-related stocks like Coinbase and Robinhood.
(Source：The Block)