ARK Invest Raises BitMine Stakes as ETH Treasury Tops 2M
Cathie Wood’s ARK Invest acquired an additional 441,063 BitMine shares worth about $20M across the ARK Innovation, Next Generation Internet and Fintech ETFs in August, lifting total ETF holdings to 6.7M shares valued at $284M. This move comes as BitMine’s Ethereum treasury tops 2 million ETH (≈$8.9B), making it the world’s largest corporate ETH holder and representing 1.7% of the total supply. BitMine’s stock has rallied over 400% year-to-date, trading at $44.10 after a 4.1% after-hours gain. The company recently filed to expand its at-the-market equity offering from $2B to $24.5B to fund further ETH purchases. Analysts project Ethereum reaching $5,500 in the near term and $12,000 by year-end, while investors like Peter Thiel and Tom Lee anticipate Fed rate cuts will boost crypto markets.
Bullish
This news is bullish for ETH as it highlights strong institutional demand and corporate accumulation via BitMine’s expanding Ethereum treasury and ARK Invest’s increased ETF stakes. In the short term, ARK’s purchases and BitMine’s stock gains may fuel positive price momentum. Over the long term, BitMine’s large ETH holdings, planned equity offering to fund more acquisitions, and analyst price targets underscore growing institutional confidence, which could support sustained Ethereum price appreciation.