Investment firm ARK Invest significantly increased its investment in Ethereum by purchasing a significant stake in Bitmine Immersion Technologies (BMNR). This purchase was part of a larger stock market activity where ARK Invest bought over $15 million worth of Bitmine shares across three of their ETFs. ARK’s investment follows a strong trend with the company believing in Bitmine’s potential, especially as Ethereum continues to attract significant interest from investors.
Ark Invest has been steadily increasing its stake in Bitmine since July. In total, they have invested over $300 million in the company, now nearly half of their investment in Coinbase (COIN). This recent purchase signals ARK’s strong confidence in the future of Ethereum and the broader shift in investor sentiment towards this cryptocurrency.
ARK Invest has also been actively shifting its portfolio. They sold a portion of DraftKings shares while expanding investments in biotech with CRISPR Therapeutics and Intellia Therapeutics.
The move is significant as ARK’s buying spree reflects growing confidence in the long-term potential of Ethereum, particularly after Bitmine’s recent announcement on expanding their ETH holdings to $7.9 billion. ARK Invest has been actively exploring this direction for the past several weeks.