BitMine Soars After $182M Ethereum Bet by ARK Invest

ARK Invest Fuels BitMine’s $182M Move to Ethereum Dominance

Crypto never sleeps as BitMine is again making waves with a bold pivot that is catching the attention of major players. In the same way, it has recently  announced on its X handle that it has received $182 million to purchase Ethereum from Ark Invest. It is doing so to achieve its 5% goal of ETH. 

Source: X.

Stock sees strong Growth 

Shares of Bitmine Immersion (BMNR) jumped more than 2% today, following  a massive $182 million investment by Cathie Wood’s Ark Invest. Trading around $40.33 per share, the firm has seen a jaw-dropping 700% surge over the past month. 

The company’s sharp rise being linked to its aggressive strategy to build a major ETH treasury and shifting focus from Bitcoin to Ethereum which is currently trading at $3,713.35.

Source: CoinMarket Cap

Aiming to own 5% of all Ethereum 

The firm has set a determined goal to acquire and stake 5% of the total Ethereum supply. In a statement the chairman of BitMine, Tom Lee has expressed excitement over Ark Invest and calling it an “exponential opportunity”. 

Source: X

Lee also praised Wood’s history of bold moves in Tesla, Bitcoin, AI and called her a pioneer of exponential investing. The recent  deal is seen as a key step toward firm's Ethereum vision. 

Proceeds to be used for ETH Accumulation 

Out of the $182 million raised through Ark Invest purchase of 4.7 million common shares, it is planning to use $177 million directly to buy more ETH. 

Source: BMNR

The purchase was made under the firm’s previously announced at-the-market (ATM) program. The organisation, which is based in Las Vegas had already added $500 million worth of asset last week and now holds over $1 billion in total assets. 

Ark reshapes portfolio for Bitmine 

To prepare itself for a new move, Ark invest sold 220,000 shares of Coinabase and 110,000 of Robinhood. The newly acquired firm shares were added mostly to its  innovation ETF (ARKK) with the rest going to ARKW and ARKF funds. 

The investment firm joins an elite group of investors supporting it including Founders Fund, Pantera, Kraken and Galaxy Digital. 

Conclusion 

BitMine’s bold Ethereum strategy is now supported by the Investment firm which marks a major shift in crypto investment trends. With large institutions entering in the ETH space. Its role as a long-term digital asset is only getting stronger. All eyes are now on how BitMine executes its 5% ETH ownership mission.