- ARK Invest acquires $182 million in BitMine Immersion (BMNR, Financial) shares for Ethereum investment.
- Net proceeds of $177 million to be used to acquire Ethereum (ETH) in a strategy to secure 5% of total ETH supply.
- Investment backed by prominent industry figures, including Cathie Wood and Founders Fund.
ARK Invest has made a significant investment in BitMine Immersion (BMNR) by purchasing 4,773,444 common shares valued at $182 million through a block trade. This acquisition comes as part of BitMine's strategic initiative to enhance its Ethereum treasury operations.
Following this investment, BitMine plans to allocate $177 million of the net proceeds towards purchasing Ethereum (ETH). This step is a significant part of the company’s broader strategy to secure 5% of the total Ethereum supply, underlining its commitment to strengthening its position in the cryptocurrency market.
Supported by well-known industry investors such as Cathie Wood, MOZAYYX, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, BitMine's Ethereum acquisition strategy is grounded in institutional-grade investment principles. Thomas "Tom" Lee, Chairman of BitMine's Board and a recognized figure from Fundstrat, emphasized the strategic alignment with ARK Invest, given their history of successful investments in high-growth areas like Tesla and AI. The collaboration marks a pivotal moment for BitMine as it aims to expand its influence within the crypto sector.
