Cathie Wood's ARK Invest has purchased more shares of BitMine as Tom Lee's Ethereum treasury company reaches a milestone in ETH holdings.
ARK Invest bought 101,950 shares of BitMine Immersion Technologies (BMNR) on Monday, valued at approximately $4.4 million, distributed across three funds: the ARK Innovation ETF currently holds a 2.6% allocation in BitMine, while the ARK Next Generation Internet ETF and ARK Fintech Innovation ETF hold similar allocations.
According to the fund's prospectus, the three funds currently hold a total of 6.7 million shares of BitMine, with a total value of $284 million.
Since BitMine began accumulating Ethereum (ETH) as treasury assets in April, Wood's investment funds have been increasing their exposure to BitMine.
According to Google Finance data, BitMine's stock rose 4.1% on the day, reaching $44.10 in after-hours trading. The stock has increased by 460% since the beginning of the year.
This move coincided with BitMine, chaired by Tom Lee, announcing that its total holdings have now surpassed 2 million ETH (valued at approximately $8.9 billion).
In just five months, the company has accumulated 1.7% of the Ethereum supply, making it the largest Ethereum treasury company in the world, holding 42% of the total 4.9 million ETH collected by enterprises to date.
Purchases may continue, as BitMine has only completed 34% of its target for 5% of the Ethereum supply.
BitMine Chairman Tom Lee stated, "We continue to believe that Ethereum is one of the biggest macro trades for the next 10-15 years."
Meanwhile, the price of Ethereum has stagnated this month, trading within a tight range.
Lee is also optimistic about the prospect of the Federal Reserve cutting interest rates next week.
He told CNBC on Monday, "A Fed rate cut will have a dual positive effect, lowering rates, particularly mortgage rates, and boosting business confidence." He added that this will support the stock market, especially small-cap stocks and cryptocurrencies.
Futures prediction markets show an 89.4% probability of a 25 basis point rate cut, with a significant 10.6% probability of a 50 basis point cut.
Related: Bitcoin whales sell 115,000 BTC, marking the largest sell-off since mid-2022.
Original article: “ARK Invest Increases Stake in BitMine as Ethereum (ETH) Holdings Exceed 2 Million”
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