TLDR
- Ark Invest purchased $15.6 million worth of BitMine shares on Wednesday across three ETFs while the stock fell 7.85%
- BitMine stock dropped despite the company’s treasury holdings reaching $8.82 billion, including 1.71 million ETH worth $7.9 billion
- The purchases included 227,569 shares in ARKK, 70,991 shares in ARKW, and 40,553 shares in ARKF
- BitMine filed to expand its equity program to $24.5 billion from $4.5 billion to fund more Ethereum purchases
- Ark simultaneously sold $12.7 million in DraftKings shares, reducing positions across multiple ETFs
Cathie Wood’s Ark Invest made a major bet on BitMine Immersion Technologies on Wednesday, purchasing $15.6 million worth of shares even as the cryptocurrency-focused company’s stock tumbled. The investment firm bought shares across three of its exchange-traded funds while BitMine traded lower.
Ark Invest just bought $15.6M in BitMine shares.
Smart money is moving, and it's easy to follow. pic.twitter.com/Sl9X6NyIwu
— Kyle Chassé / DD🐸 (@kyle_chasse) August 28, 2025
The ARK Innovation ETF acquired the largest position with 227,569 BitMine shares. The ARK Next Generation Internet ETF purchased 70,991 shares, while the ARK Fintech Innovation ETF bought 40,553 shares.
BitMine’s stock price fell 7.85% to close at $46.03 on Wednesday. The decline came despite broader market gains, with the Nasdaq Composite rising 0.2% and the Dow Jones Industrial Average gaining 0.3%.
The stock has experienced volatility in recent trading sessions. BitMine shares dropped 11.58% over the past five days but remain up 534.9% year-to-date according to Yahoo Finance data.
Strong Treasury Holdings Drive Interest
BitMine’s appeal to investors centers on its large cryptocurrency treasury holdings. The Ethereum treasury firm reported earlier this week that its total crypto and cash holdings reached $8.82 billion.
The company holds 1.71 million ETH tokens worth approximately $7.9 billion at current prices. This makes BitMine one of the largest corporate holders of Ethereum.
The treasury holdings have grown as Ethereum’s price has climbed in recent months. ETH has benefited from increased institutional interest and market optimism following Federal Reserve Chair Jerome Powell’s recent comments.
BitMine trades under the ticker BMNR on public markets. The company focuses specifically on Ethereum rather than Bitcoin, setting it apart from other crypto treasury companies.
Expansion Plans in Motion
BitMine filed paperwork with the Securities and Exchange Commission on August 12 to expand its equity program. The company wants to increase its at-the-market program to $24.5 billion from the previous $4.5 billion limit.
Ark Reduces DraftKings Position
While buying BitMine shares, Ark Invest simultaneously reduced its DraftKings holdings. The firm sold 266,052 shares worth approximately $12.7 million across the same three ETFs.
DraftKings closed at $47.80 per share on Wednesday. The sports betting company recently reported strong second-quarter earnings with revenue of $1.51 billion, up 37% year-over-year and beating analyst estimates of $1.39 billion.
The contrasting trades show Ark’s shift toward cryptocurrency exposure while reducing positions in traditional fintech companies. BitMine’s treasury holdings climbed to $8.82 billion this week, including 1.71 million ETH worth roughly $7.9 billion.
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