ARK Invest, led by Cathie Wood, has made a new investment in BitMine Immersion Technologies amid a recent decline in the company's stock.
ARK's Investment in BitMine Shares
ARK Invest has invested $15.6 million in shares of BitMine Immersion Technologies after a drop of over 7% in their stock price. According to the company's latest trading filings, the shares were purchased across three ARK ETFs: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). The number of shares acquired includes 227,569 for ARKK, 70,991 for ARKW, and 40,553 for ARKF.
Price Trends for Ethereum and BitMine
Despite the decline in BitMine shares, Ethereum continues to show growth. Over the last week, ETH rose by over 6%, reaching a new all-time high of $4,953.73, followed by a correction of more than 7%. BitMine is often viewed as a proxy for Ethereum's price, and the drop in the company's stock may be related to recent fluctuations in ETH's value.
Ethereum Market and Actions of Other Players
SharpLink Gaming, the second-largest corporate Ethereum holder, is also positioning to grow its stockpile, recently transferring $23.46 million in Tether to purchase more ETH. According to Arkham Intelligence, they bought 56.5K ETH for $252.3 million. This indicates that not only ARK Invest and BitMine are active in the market, but other major players are also looking to increase their stake in the Ethereum ecosystem.
ARK Invest's investment in BitMine highlights the growing interest in Ethereum and its ecosystem despite current fluctuations in stock prices.
