ARK Invest has deepened its crypto exposure by acquiring $182 million worth of BitMine shares across multiple ARK funds, marking a significant vote of confidence in BitMine’s aggressive Ethereum strategy.
Announced on July 22, the deal involved the purchase of 4.77 million BitMine shares through a block trade tied to BitMine’s ongoing at-the-market equity program. BitMine confirmed that it will deploy the $177 million net proceeds entirely towards purchasing Ethereum.
Tom Lee, BitMine’s chairman and Fundstrat founder, described ARK CEO Cathie Wood’s participation as a powerful validation of BitMine’s long-term ETH accumulation thesis. Drawing parallels to ARK’s early backing of Tesla and Circle, Lee called the investment an “exponential opportunity” anchored in Ethereum’s future growth.
The investment comes amid BitMine’s accelerated pivot to Ethereum over recent months. In late June, the company raised $250 million in a private placement led by MOZAYYX alongside Founders Fund, Pantera, Kraken, Galaxy Digital, and FalconX. Those funds were fully dedicated to Ethereum purchases and staking.
As of July 23, BitMine holds approximately 300,000 ETH, ranking it as the world’s second-largest corporate ETH holder, according to Strategic ETH Reserve data. Overall, 58 public companies collectively hold around 1.87 million ETH worth roughly $6.9 billion. BitMine and SharpLink Gaming have now overtaken the Ethereum Foundation in total ETH holdings, underlining the rapid rise of ETH-focused corporate treasuries.
BitMine aims to accumulate and stake 5% of Ethereum’s total supply, equivalent to about 6 million ETH. While the company continues to earn revenue from its mining operations in energy-efficient locations across Trinidad and Texas, Ethereum has become the core of its treasury and growth strategy.
BitMine’s bet rests on Ethereum’s foundational role in powering smart contracts, stablecoins, and decentralized finance. The firm also cited U.S. Treasury Secretary Scott Bessent’s recent forecast that stablecoins could reach a $2 trillion market by 2028, driving further demand for ETH as collateral within the global financial system.
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