ARK Invest Boosts BitMine Immersion Technologies Stake Amid Price Decline

Cathie Wood’s ARK Invest has continued increasing its exposure to BitMine Immersion Technologies (BMNR), an ether-focused mining and treasury company, for the second consecutive day. On Tuesday, the investment firm purchased $15.3 million worth of BMNR shares, acquiring 477,498 shares across three of its exchange-traded funds: ARK Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF), according to an emailed update.

The purchase follows another large acquisition the previous day, when ARK added 529,366 BMNR shares. Despite the aggressive buying, BMNR’s stock price continued to slide, closing 8.9% lower at $32 on Tuesday. The drop extends a sharp correction after the stock briefly surged to $135 earlier this month amid growing interest in Ethereum-related investments and blockchain infrastructure plays.

BitMine Immersion Technologies operates a specialized immersion-cooling mining business focused on Ethereum and related assets, aligning with ARK Invest’s strategy of backing innovative companies in emerging sectors like crypto mining, decentralized finance, and next-generation internet infrastructure.

ARK’s continued accumulation signals confidence in the long-term outlook for Ethereum and associated mining technologies, despite short-term volatility in BMNR’s share price. The firm’s multi-day buying spree underscores its ongoing strategy of capitalizing on price dips in high-conviction holdings within the digital asset ecosystem.

Investors are closely watching ARK’s moves, given its history of making bold bets on disruptive technologies. With Ethereum’s price performance and institutional adoption trends gaining momentum, ARK’s increased exposure to BitMine may position its ETFs to benefit from potential upside in the crypto market’s next growth phase.