ARK buys $4.4M of BitMine as its ETH stash tops 2M

ARK Invest added BitMine shares across three ETFs as the company’s ETH holdings passed 2 million. The stock finished the day higher.

Cathie Wood’s ARK Invest bought 101,950 BitMine (BMNR) shares worth roughly $4.4 million on September 8 across ARKK, ARKW, and ARKF. Altogether, the three funds own 6.7 million shares valued at $284 million, per fund prospectuses. BitMine shares gained about 4% by the close.

BitMine is currently the largest corporate ETH holder. The company’s Ethereum treasury has passed 2 million ETH, worth about $8.9 billion at recent prices. Its latest purchase of 14,665 ETH worth about $65 million was made via Galaxy Digital’s OTC service.

The company started building the stash in April and says it’s working toward owning 5% of ETH’s supply. Today’s holdings are a little under 2% of the total supply and 42% of all ETH held by corporations. The second-largest corporate holder is SharpLink Gaming, with 837,000 ETH.

We continue to believe Ethereum is one of the biggest macro trades over the next 10–15 years,

said BitMine chairman Tom Lee.

Lee also compared Ethereum's current trajectory to the 1971 inflection point in financial markets, when institutional demand reshaped global asset flows. He reaffirmed a long-term price target of $60,000 per ETH.

Separately, ARK sold 43,728 shares in Robinhood (HOOD), worth around $5.13 million after the broker’s addition to the S&P 500 pushed the stock higher.