ARK Invest Put $175M for Bitmine Amid ETH Rally
ARK Invest don put aside $175 million to buy 4.4 million shares for Bitmine Immersion Technologies (BMNR) inside their ARKK, ARKW, and ARKF ETFs dem. Bitmine, wey be Ethereum treasury miner get over $1 billion ETH, wan stake 5% of total Ethereum supply. Dis buy dey happen when Ethereum rally don up 25% for the week as e push ETH above $3,800. To fund dis move, ARK reduce im shares for Coinbase (COIN) by selling about 219,000 shares and cut down stake on Robinhood (HOOD), Block (SQ), and Roblox (RBLX). Ethereum small time correct 4% come dey trade near $3,660, but Bitcoin still dey stable. Overall crypto market cap be $3.89 trillion with $218 billion volume for 24 hours. ARK strategic move show say institutional people dey more interested for Ethereum staking and mining. Traders suppose dey note how money dey move from exchange and fintech companies go crypto-native, asset-backed businesses.
Bullish
ARK Invest put $175M for Bitmine during strong Ethereum rally mean say institutional demand dey grow for ETH staking and mining infrastructure. For short term, dis move fit boost market confidence and support ETH price because e show say plenty big pipo believe for Ethereum network and staking potential. For long term, more institutional exposure through ETFs fit make Ethereum market deep and liquid well well, e go support better price trend. Plus, di movement of money from exchange and fintech stocks go crypto-native infrastructure show say people prefer asset-backed staking models, e mean Ethereum growth prospect strong well well.