Key Insights:
- ARK Invest bought 101,950 BitMine shares worth $4.4M, lifting its total stake to $284M across three ETFs.
- BitMine’s Ether holdings surpassed 2M ETH ($8.9B), making it the largest corporate ETH treasury with 42% of all corporate supply.
- Chairman Tom Lee reiterated Ethereum as a major long-term trade and said a Fed rate cut would benefit equities and crypto.
Cathie Wood’s ARK Invest has markedly expanded its position in BitMine Immersion Technologies (NASDAQ: BMNR), a company focused on building a large Ethereum (ETH) treasury.
Recent fund filings show ARK’s Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF) ETFs all added BitMine stock.
In a latest filing, ARK funds reported buying 101,950 BMNR shares ($4.4 million) across those three ETFs. This lifted ARK’s combined BitMine holdings to 6.7 million shares ($284 million).
Meanwhile, ARK’s September 8, 2025, trade notifications confirm the stock purchases. The combined buy (67,700 ARKK + 21,890 ARKW + 12,360 ARKF = 101,950 shares) totaled about $4.4M.
After these trades, ARK’s ETF portfolios held roughly 6.7M BitMine shares (valued at $284M). The purchases were spread evenly: each of ARKK, ARKW, and ARKF now has a similar small allocation to BitMine. It reflects Wood’s strategy of spreading crypto exposure across multiple funds.
Ark Invest: July Block Trade and Portfolio Rebalancing
ARKd Invest’s latest buys were built on an earlier surge in mid-2025. In a July 22 press release, BitMine announced that “Cathie Wood’s ARK Invest has acquired 4,773,444 shares of BitMine common stock totaling $182 million.”
Notably, this block trade was executed via the at-the-market (ATM) program of BitMine. On the same day, ARK reallocated capital within its funds.
According to ARK’s trading updates, the Innovation, Internet, and Fintech ETFs sold 218,986 Coinbase (COIN) shares ($90.5M) and 463,293 Roblox (RBLX) shares ($57.7M) to fund new purchases.
Meanwhile, those proceeds were used to buy 4.4 million BitMine shares ($174M) on July 22. Combined, the July trades totaled about 9.17M BMNR shares ($356M) across ARK funds.
BitMine’s Ethereum Treasury Strategy
BitMine Immersion is notable for its aggressive Ethereum accumulation. On Sept. 8, 2025, the firm announced its total ETH holdings had just surpassed 2,069,000 ETH – about $9.2 billion at the current price.
That represents roughly 1.7% of all Ether in circulation, making BitMine the largest public corporate holder of ETH. CEO Tom Lee (of Fundstrat) has stated a long-term goal for the firm to reach 5% of the total ETH supply, a target toward which it is currently about 34% of the way.
As BitMine’s chairman, Tom Lee put it, “We continue to believe Ethereum is one of the biggest macro trades over the next 10–15 years.”
By boosting its BMNR stake, ARK gains indirect exposure to this massive ETH treasury and the firm’s Ethereum-centered strategy.
How This BitMine Bet Can Aid Ark Invest?
The recent bet of Ark Invest aligns with its broader crypto-equity thesis. The July trades, for example, showed ARK Invest shifting out of some Bitcoin-related equities into an Ethereum play.
The firm consciously rebalanced $148M out of COIN and RBLX into BitMine, building new crypto-treasury positions across its ETFs.
In total, ARK has committed hundreds of millions to BitMine stock in 2025, tracking the company’s rising prominence in crypto.
Meanwhile, throughout these moves, ARK has cited fund prospectuses and trade updates. For example, ARK’s ETF filings confirm the mid-August block trade and the early September buy.
Likewise, BitMine’s own releases have documented ARK’s $182M investment and described the use of proceeds ($177M to buy ETH) from these capital raises.
ARK’s ETF holdings now reflect a huge bet on BitMine (and thus on Ethereum). The Innovation, Internet and Fintech ETFs each hold BitMine allocations (on the order of a few hundredths of a percent of fund assets) and have markedly increased these positions in recent months.
The Bolstered stake provides ARK with a levered play on BitMine’s ETH treasury, which surged over 2 million coins as of early September.
Notably, BitMine’s stock has already gained hundreds of percent in 2025 (up 460% YTD at one point) as the crypto asset rally and ETH narrative drove interest.