Cathie Wood’s ARK Doubles Down on BitMine as Ethereum Treasury Hits $8.9 Billion

TLDR

• ARK Invest bought $4.4 million worth of BitMine shares on Monday across three ETFs
• BitMine crossed 2 million ETH in treasury holdings, worth approximately $8.9 billion
• The company now holds 1.7% of Ethereum’s total supply and 42% of all corporate ETH holdings
• BitMine stock gained 4.1% on Monday and is up 460% year-to-date
• ARK Invest also sold $5.13 million in Robinhood stock as it surged 15.8% on S&P 500 inclusion news

ARK Invest purchased $4.4 million worth of BitMine Immersion Technologies shares on Monday. The move came as the Ethereum treasury company announced it crossed the 2 million ETH milestone.

The investment firm bought 101,950 shares across three funds. The ARK Innovation ETF acquired 67,700 shares, while the ARK Next Generation Internet ETF purchased 21,890 shares.

The ARK Fintech Innovation ETF bought 12,360 shares. The three funds combined now hold 6.7 million BitMine shares worth $284 million total.

BitMine stock rose 4.1% on Monday to close at $43.79. The shares gained another 0.71% in after-hours trading to reach $44.10.

The stock has posted gains of 460% since the beginning of 2024. ARK Invest has been increasing its BitMine exposure since April when the company began accumulating Ethereum.

BitMine Reaches Treasury Milestone

BitMine announced on Monday that its Ethereum holdings surpassed 2 million ETH. The treasury is worth approximately $8.9 billion at current prices.

The company accumulated this position in just five months. BitMine now controls 1.7% of Ethereum’s total supply.

The firm holds 42% of all corporate Ethereum holdings. Total corporate ETH holdings across all companies stand at 4.9 million tokens.

BitMine Chairman Tom Lee said the company targets 5% of Ethereum’s supply. The current holdings represent 34% progress toward that goal.

Lee stated the company believes Ethereum represents one of the biggest macro trades over the next 10-15 years. He expressed optimism about Federal Reserve interest rate cuts supporting both equities and crypto.

ARK Invest Trading Activity

ARK Invest sold $5.13 million worth of Robinhood shares on the same day. The ARK Next Generation Internet ETF offloaded 43,728 Robinhood shares.

Robinhood stock surged 15.8% on Monday to $117.28. S&P Global announced it would add Robinhood to the S&P 500 index.

Fed funds futures show an 89.4% probability of a 25 basis point rate cut. There is a 10.6% chance of a larger 50 basis point reduction.

Ethereum prices have traded in a tight range this month. The token currently trades around $4,364.

BitMine maintains its position as the world’s largest corporate Ethereum holder. The company continues its accumulation strategy despite recent price stagnation.

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