Ark Invest, the investment firm managed by Cathie Wood, capitalized on the drop in BitMine shares to purchase an additional $15.6 million worth.
Acquisition of BitMine Shares
Ark Invest acquired a significant number of BitMine shares through three different exchange-traded funds (ETFs). The ARK Innovation ETF (ARKK) added 227,569 shares, the ARK Next Generation Internet ETF (ARKW) added 70,991 shares, and the ARK Fintech Innovation ETF (ARKF) added 40,553 shares.
Performance of BitMine Shares
BitMine shares, trading under the ticker BMNR, fell by 7.85% to close at $46.03 on Wednesday. The total decline over the past five days reached 11.58%, although shares have surged 534.9% since the beginning of the year.
BitMine Financial Metrics
BitMine, known for its Ethereum reserves, reported that its total crypto and cash holdings reached $8.82 billion, with 1.71 million ETH accounting for $7.9 billion of that amount.
Ark Invest's investments in BitMine highlight the company's ongoing interest in cryptocurrency assets despite recent market fluctuations.
