Cathie Wood’s Ark Invest Buys The Dip With $9 Million In BitMine Shares
Ark Invest, the asset management firm led by Cathie Wood, is buying the dip with a $9 million stake in Ethereum treasury firm BitMine Immersion Technology.
The purchase was made as BitMine plunged 9% yesterday, bringing its loss in the past month to more than 36%.
BitMine share price (Source: Google Finance)
Ark Invest Stays Within 10% Allocation Restriction
Ark Invest bought 167,348 shares worth $6.3 million for its Ark Innovation ETF (ARKK), 48,361 shares worth $1.8 million for its Ark Next Generation ETF (ARKW), and 24,798 shares worth $927K for its Ark Fintech Innovation ETF (ARKF).
According to the asset manager’s disclosure, BMNR is currently ARKK’s thirteenth-largest holding with a weighting of 2.3%, worth around $175 million. BitMine is also the thirteenth-largest allocation for ARKW with a 2.3% allocation valued at $52.3 million, and is the fourteenth-largest holding in ARKF with a 2.4% weighting worth $27.4 million.
BitMine Takes Another Step Towards Its Goal To Hold 5% Of ETH’s Supply
BitMine is the largest corporate holder of Ethereum globally, and is backed by other institutional investors including Bill Miller III, DCG, Founders Fund, Galaxy Digital, Kraken, and Pantera.
The firm aims to hold 5% of Ethereum’s total supply as part of its “Alchemy of 5%” campaign.
Data from StrategicETHReserve shows that BitMine currently holds 3.4 million ETH valued at approximately $10.99 billion on its balance sheet. This equates to around 2.81% of ETH’s supply.
That’s after the firm added another 82,353 ETH to its stockpile last week.
In an update posted on X earlier this week, BitMine said that it also holds 192 Bitcoin (BTC) and $389 million in “unencumbered cash” on its balance sheet.
BitMine said that its BMNR shares are also one of the most liquid stocks in the US, citing data from Fundstrat. As of Oct. 31, the company’s shares saw a 5-day average trading volume of $1.5 billion, ranking it at number 60 behind Walmart (WMT).
The firm added that its share of the digital asset treasury (DAT) pie has grown, and now stands at 33%. This is second only to Strategy, which is the largest corporate Bitcoin holder in the world and was the first company to add crypto to its balance sheet as part of a corporate treasury strategy.
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