tl;dr
**ARK Invest's Big Bet on BitMine and the Crypto Stock Surge**
Cathie Wood’s ARK Invest is doubling down on its crypto bets, with a recent $15.6 million injection into BitMine Immersion Technologies (BMNR) pushing its total stake in the company to over $300 million. The move, spread across ARK’s ...
**ARK Invest's Big Bet on BitMine and the Crypto Stock Surge**
Cathie Wood’s ARK Invest is doubling down on its crypto bets, with a recent $15.6 million injection into BitMine Immersion Technologies (BMNR) pushing its total stake in the company to over $300 million. The move, spread across ARK’s three flagship funds—ARKK, ARKW, and ARKF—signals a growing confidence in the firm’s role as a gateway to Ethereum.
**A Bet on Ether, Not Just a Stock**
ARK’s latest purchase isn’t just about BitMine’s shares. The company holds nearly $676 million worth of Coinbase (COIN) stock, but its BitMine holdings are now nearly half that size. This shift underscores a strategic pivot: ARK sees BitMine not just as a stock play, but as a vehicle for exposure to Ether. BitMine’s Ethereum holdings have recently ballooned to $7.5 billion, a figure that’s likely drawing ARK’s attention.
The investment timeline tells a story of urgency. On July 21, ARK poured $174 million into BitMine in a single day. Just a month later, on August 2, it added another $17 million. This relentless buying spree reflects ARK’s belief in the potential of companies that hold large ETH reserves—a bet that Ether’s value will rise as blockchain adoption accelerates.
**Expanding the Crypto Portfolio**
ARK isn’t just focused on BitMine. Over the past week, the firm has also added $21.2 million in Bullish stock and $16.2 million in Robinhood Markets, bringing its Robinhood holdings to around $543 million. Earlier this month, ARK re-entered the Block (SQ) stock fray with a $19.2 million purchase after months of selling. These moves paint a picture of a firm actively reshaping its crypto-related equity portfolio, targeting companies at the intersection of innovation and infrastructure.
**A Rollercoaster Ride for BitMine**
Despite ARK’s bullish stance, BitMine’s stock has faced turbulence. Shares fell nearly 8% on Wednesday, closing at $46.03, and dipped further to $45.01 in after-hours trading. Yet, the stock remains up 490% year-to-date—a testament to its explosive growth despite recent volatility.
The company’s financials back this momentum. In the quarter ended May, BitMine reported revenue of $2.05 million, a 67.5% increase from the same period the previous year. Its net profit margin also surged by 43%, highlighting improving efficiency and scalability.
**What’s Next?**
ARK’s aggressive buying spree raises questions: Is this the start of a crypto bull market, or a risky overreach? For now, the data suggests a company riding the wave of Ethereum’s growth, with ARK betting that its bets will pay off.
As investors watch BitMine’s stock fluctuate and ARK’s portfolio evolve, one thing is clear: the crypto world is far from boring—and Cathie Wood’s playbook is anything but conventional.