On July 21, ARK Invest, an American investment management firm, purchased nearly $4.8 million of shares of BitMine Immersion Technologies Inc. (BMNR). ARK Invest, led by Cathie Wood, bought the BitMine shares for $182 million, aiming to accumulate Ethereum (ETH) as a core corporate treasury asset.
ARK Invest Purchases a Share in BitMine Immersion
Cathie Wood, also known as “Money Tree Sister,” purchased a massive share of BitMine Immersion, a large-scale Ethereum (ETH) reserve company. Wood’s purchase will push the BMNR Ethereum (ETH) treasury and its potential for long-term growth. BitMine currently holds over $1 billion in ETH after a recent $500 million purchase and aims to expand it further.
BitMine, once a pure player in Bitcoin, has now shifted its landscape under the new leadership of Tom Lee. The company now focuses on creating a treasury-centric approach focused on Ethereum, abandoning its traditional mining model.
Why Did BitMine Sell Its Share to ARK?
BitMine Immersion aspires to build one of the largest ETH treasuries while continuing its mining and advisory businesses, which requires strong capital power. So, the sale made by BMNR aims to support BitMine’s public plan to become a dominant ETH holder by using the net proceeds of $177 million share sale.
The company is aiming to expand its acquisition to up to 5% of the total Ethereum supply, worth at least 6 million Ethereum. The move aligns with larger global trends to expand cryptocurrencies as a long-term reserve.
ARK Invest Abandons Its Old Acquisitions
As ARK bought shares in Bitmine, Wood simultaneously sold 218,986 Coinbase shares (approx. worth $90 million) across three ETFs. Additionally, it also reduced its holdings in Robinhood, Roblox, and Block Inc., shifting towards crypto-centric investment with BitMine. While expanding its own crypto exposures, ARK is also pushing BitMine to build its ETH treasuries.
Many industry experts are calling the move the “Peter Thiel effect” — entering the wave of Ethereum-related projects by following the global trends. While cryptocurrencies have skyrocketed in 2025, and most of the industry inventors have experienced great advantages, Wood’s investment is likely to encounter the same.
