BitMine has secured substantial investment from ARK Invest, which could reshape their strategy in the Ethereum market.
ARK Invest's Investment in BitMine
ARK Invest invested $182 million in BitMine shares across multiple funds. The deal involved the purchase of 4.77 million shares as part of an at-the-market program. BitMine plans to use 100% of the net proceeds, totaling $177 million, to purchase Ethereum.
Ethereum Accumulation Strategy
BitMine's chairman, Tom Lee, views ARK's participation as a validation of their long-term ETH accumulation thesis. He drew comparisons to ARK's early investments in Tesla, framing the investment as part of a long-term 'exponential opportunity' in Ethereum.
Ethereum Market and Corporate Holders
As of now, BitMine holds approximately 300,000 ETH, placing it second among corporate ETH holders globally. Both BitMine and SharpLink Gaming have surpassed the Ethereum Foundation as the largest known holders. BitMine aims to accumulate 6 million ETH, which represents 5% of Ethereum's total supply.
ARK Invest's investment in BitMine highlights the growing appeal of Ethereum as an asset and the strategic significance of corporate funds in this space.
