On July 21, ARK Invest, an American investment management firm, purchased shares of BitMine Immersion Technologies Inc. for approximately $4.8 million, emphasizing its strategy to accumulate Ethereum as a core corporate asset.
Purchase of BitMine Immersion Shares
Cathie Wood, known as the "Money Tree Sister," acquired a substantial stake in BitMine Immersion, a company focused on building Ethereum reserves. This purchase is aimed at enhancing the company’s ETH treasury, which currently holds over $1 billion in ETH after a recent $500 million purchase.
Goals and Plans of BitMine
BitMine Immersion aspires to build one of the largest ETH treasuries while continuing its mining and advisory services. The sale of shares worth $177 million will support the company's plan to become a dominant ETH holder, aiming to acquire up to 5% of the total Ethereum supply.
Changes in ARK Invest's Portfolio
Alongside the purchase of Bitmine shares, ARK sold substantial holdings in Coinbase, Robinhood, Roblox, and Block Inc., focusing on cryptocurrency investments. Many experts refer to this move as the "Peter Thiel effect," indicating a trend towards Ethereum-related projects.
ARK Invest’s investment in BitMine highlights the increasing interest in cryptocurrencies as long-term reserves, which may significantly enhance the activation of Ethereum in the market.
