ARK Invest Buys BitMine, Sells Coinbase Stake

Cathie Wood’s ARK Invest has shifted strategy by acquiring over 4.4 million shares of BitMine Immersion Technologies (BMNR), an Ethereum-focused treasury company chaired by Tom Lee, in a deal valued between $174 million and $182 million. The acquisition, distributed across ARK’s Innovation, Next Generation Internet, and Fintech Innovation ETFs, follows the sale of 218,986 Coinbase shares for about $90.6 million and reductions in Robinhood and Block positions. BitMine, which has transitioned from Bitcoin mining to Ethereum accumulation, now holds over $1 billion in ETH and seeks to acquire and stake up to 5% of the total Ethereum supply. This move mirrors growing institutional adoption of Ethereum as a treasury asset, similar to MicroStrategy’s approach with Bitcoin. BitMine’s share price has surged more than 400% this year, driven by its aggressive Ethereum strategy and high-profile backers such as Peter Thiel. ARK's portfolio adjustment demonstrates increasing confidence in Ethereum's long-term value for institutional investors.