Cathie Wood’s Ark Invest bought 339,113 shares of Bitmine Immersion on 27 August, spending roughly $16
Cathie Wood’s Ark Invest bought 339,113 shares of Bitmine Immersion on 27 August, spending roughly $16.9 million across several of its exchange-traded funds after the crypto-related stock fell almost 8 percent. The purchase deepens Ark’s exposure to the company, which has positioned itself as a proxy play on Ethereum holdings.
Bitmine Immersion has been rapidly expanding its digital-asset balance sheet, disclosing the acquisition of 78,791 Ether—valued at about $350 million—and a related $213 million fundraising round completed within the past three days. Management says the goal is to amass as much as 5 percent of the total Ether in circulation.
Ark’s latest tranche follows earlier purchases of the stock this year and underscores the asset manager’s conviction that Bitmine’s Ethereum-treasury strategy can deliver outsized returns if Ether continues to outperform Bitcoin and broader cryptocurrency benchmarks.
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Source: https://thedefiant.io/news/markets/ark-invest-buys-17-million-bitmine-immersion-to-ride-ethereum-bet-e8613fa8