Ark Invest Adds $9M in BitMine as Cathie Wood Doubles Down on Crypto

Cathie Wood’s Ark Invest doubled down on its crypto exposure this week, snapping up 240,507 shares of BitMine (BMNR) worth roughly $9 million across three of its exchange-traded funds - even as the stock slid nearly 10% on Thursday.

The purchases were spread across Ark’s top innovation-focused ETFs: the Ark Innovation ETF (ARKK) added 167,348 shares valued at about $6.3 million, the Next Generation Internet ETF (ARKW) picked up 48,361 shares worth $1.8 million, and the Fintech Innovation ETF (ARKF) bought 24,798 shares worth nearly $927,000, according to company disclosures.

Ark’s funds typically cap any single position at 10% of total assets, a strategy designed to preserve diversification while maintaining exposure to high-conviction plays. BitMine now ranks as the 13th-largest holding in both ARKK and ARKW, and 14th in ARKF, with respective weightings around 2.3–2.4%.

Despite the vote of confidence, BitMine’s stock continues to struggle. The shares closed at $37.37 on Thursday – down 9.8% for the day, 20% for the week, and 42.5% over the past month. Still, BMNR remains up 769% since June, when the firm began its Ethereum treasury strategy, amassing a massive ETH reserve.

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Other crypto-related equities suffered alongside BMNR on Thursday, including Robinhood (-10.8%), Coinbase (-7.5%), and Strategy (-7%). Bitcoin slipped 2.3%, Ethereum fell 3.4%, and the GMCI 30 index – tracking top cryptocurrencies – dropped by a similar margin.

BitMine’s Massive Ethereum Ambition

Led by Tom Lee and backed by institutional heavyweights such as Ark Invest, DCG, Founders Fund, Galaxy Digital, Kraken, and Pantera, BitMine has become a powerhouse in crypto treasuries. The company recently added 82,353 ETH, bringing its total to 3.4 million ETH worth $11.2 billion, as of Nov. 2.

That puts BitMine well ahead of rivals like SharpLink (859,400 ETH) and The Ether Machine (496,710 ETH), and second only to Michael Saylor’s Strategy, which holds 641,205 BTC — more than 3% of Bitcoin’s total supply. BitMine’s ultimate goal: to control 5% of all Ethereum in circulation, equivalent to around 6 million ETH.