Cathie Wood Buys 1M Shares in Bitmine as ETH Holdings Hit 625K
Ark Invest has quietly bought over 1 million shares of Bitmine Technologies (NYSE: BMNR) over the past 2 days...
Quick overview
- Ark Invest has purchased over 1 million shares of Bitmine Technologies (BMNR) across multiple ETFs, signaling a strong investment in the company.
- Bitmine has accumulated 625,000 ETH worth approximately $2.7 billion, making it the largest corporate treasury of Ethereum.
- Despite a recent 23% decline in BMNR's stock price, the company has seen a 600% increase since it began buying ETH on June 30.
- Bitmine recently announced a $1 billion stock buyback program to enhance shareholder value and has attracted significant institutional investment.
Ark Invest has quietly bought over 1 million shares of Bitmine Technologies (NYSE: BMNR) over the past 2 days. The buys are across multiple Ark ETFs—ARKK, ARKW, and ARKF—a big bet on a company now the largest Ethereum (ETH) corporate treasury.
Bitmine, led by Tom Lee, has bought 625,000 ETH worth approximately $2.7 billion in over a month. It now has more ETH than SharpLink Gaming, which has 438,017 ETH, as the top ETH holding public company.
Ark’s recent buys:
- 572,853 BMNR shares on Monday
- 477,498 shares on Tuesday
BMNR is down 23% over the past week but one of the most watched crypto-adjacent stocks. Since starting to buy ETH on June 30, BMNR is up 600% and attracting institutional capital.
Bitmine Launches $1B Stock Buyback
On July 29 Bitmine Technologies announced a $1 billion stock repurchase program to boost crypto assets per share and reward long term shareholders. No timeline was given but the board’s open ended approval is a vote of confidence in the company’s asset strategy.
Key stats:
- $401.4 million in unencumbered cash
- NAV of $22.76 per share
- Holdings of 625K ETH and 154 BTC
Tech investor Peter Thiel recently invested $500 million in the company and on Tuesday they bought 58,224 ETH worth $225 million further cementing their ETH first strategy.
CEO Tom Lee thinks ETH could go to $60,000 if conditions remain bullish so they are buying aggressively.
Ethereum Reserves Break 2.5M Mark
The race for Ethereum treasuries is heating up. According to Strategic ETH Reserve, a coalition of large holders, total ETH reserves have surpassed 2.57 million ETH across 65 institutions.
Bitmine’s accumulation is in line with the broader trend:* Ethereum ETFs are seeing record inflows
- SEC’s in-kind redemptions approval is driving demand
- ETH is being seen as digital infrastructure, not just a token
As institutions get in, Bitmine is at the center of Ethereum financialization. With Ark Invest behind them, we’ll be watching to see where the next big ETH bet will be.
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