Ark Invest, led by Cathie Wood, made a significant investment in BitMine, acquiring shares worth $15.6 million despite recent declines in their value.
BitMine Stock Performance
Recently, BitMine (BMNR) shares dropped by 7.85%, closing at $46.03, while their value fell by 11.58% over the past week. However, year-to-date, BitMine shares have risen by an impressive 534.9%. In comparison, the Nasdaq Composite increased by 0.2%, and the Dow Jones Industrial Average grew by 0.3%.
Growth of BitMine's Reserves
BitMine, which positions itself as an Ethereum treasury firm, reported that the total value of its crypto and cash reserves reached $8.82 billion. This includes 1.71 million ETH, valued at approximately $7.9 billion. Such significant exposure to ETH highlights the company's unique strategy of holding and expanding Ethereum reserves while also diversifying into cash assets.
Equity Program Expansion
On August 12, BitMine announced that it had filed with the U.S. Securities and Exchange Commission (SEC) to expand its at-the-market equity program from $4.5 billion to $24.5 billion. Proceeds are intended to fund additional Ethereum purchases and strengthen its balance sheet.
Ark Invest's increased investment in BitMine shares signals confidence in the company's long-term value despite short-term volatility. Investors and traders are closely monitoring developments to assess whether BitMine can sustain its momentum amid market fluctuations.
