Ethereum Bullishness: Ark Invest Boss Scoops $16-M More In BitMine Stock

[Ben Graham]

BitMine Immersion Technologies saw its stock sink nearly 8% this week, yet that didn’t stop Cathie Wood’s ARK Invest from pouring another $15.6 million into the company.

The latest move comes during a period of heightened volatility in both equities and crypto markets.

ARK Expands Its Holdings

According to ARK’s trading disclosures on August 27, the firm bought 339,113 BitMine shares spread across three ETFs.

The ARK Innovation ETF acquired 227,569 shares valued at a little over $10 million, while the Next Generation Internet ETF added 70,991 shares worth $3.27 million.

The Fintech Innovation ETF purchased another 40,553 shares for $1.87 million. Despite this fresh round of buying, BitMine shares ended the day at $46 before sliding 7.80% in extended trading.

Cathie Wood and Ark Invest bought 339,113 shares of Tom Lee’s $BMNR today pic.twitter.com/G9SQY02rDg

— Tom Lee Tracker (@TomLeeTracker) August 28, 2025

Ethereum Strategy Draws Institutional Attention

BitMine’s pivot from Bitcoin mining to an Ethereum-focused treasury earlier this summer has transformed the firm into a major corporate player in crypto.

Its balance sheet now holds 1,714,000 ETH, worth about $8.20 billion, alongside 192 Bitcoin and $562 million in cash.

That makes BitMine the world’s largest corporate holder of Ethereum. Billionaire investor Peter Thiel has also taken a 9% stake, adding more weight to the firm’s rapid rise.

According to latest data, the company’s strategy has fueled sharp price movements in its stock. After surging more than 3,000% to a record high of $135 in early July, shares remain up more than 400% year-to-date despite recent pullbacks.

Massive Equity Offering Fuels Expansion

Reports have disclosed that BitMine dramatically expanded its fundraising plans. On August 12, the company filed to boost its at-the-market equity offering from $2 billion to $24.5 billion, a move led by Cantor Fitzgerald and ThinkEquity.

Observers say the new funds will give BitMine more firepower to build its Ethereum position. Analysts projected strong gains for Ethereum, predicting $5,500 in the near term and as high as $12,000 by year-end.

If those targets materialize and BitMine pushes toward its 5% supply goal, the company could one day rival Michael Saylor’s Strategy in scale.

A New Corporate Champion For Ethereum?

Social media reaction has been quick to frame BitMine as Ethereum’s version of Strategy — a corporate vehicle for institutional exposure to the asset.

ARK’s growing position, surpassing $200 million this summer, only strengthens that concept. Yet the risks are just as visible.

BitMine’s share price swings highlight how concentrated bets can move violently, even with billions of dollars on the balance sheet.

Featured image from Meta, chart from TradingView