Ark Invest Seizes Opportunity, Buys $15.6 Million in Dip for Bitcoin Miner BitMine

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Cathie Wood’s Ark Invest capitalized on a sharp price decline for BitMine Immersion Technology (BMNR), scoopoping up $15.6 million worth of shares as the stock tumbled on Wednesday.

The investment firm allocated the purchase across three of its flagship ETFs: the ARK Innovation ETF (ARKK) bought 227,569 shares, the ARK Next Generation Internet ETF (ARKW) acquired 70,991 shares, and the ARK Fintech Innovation ETF (ARKF) purchased 40,553 shares.

The buying spree coincided with a 7.85% drop for BitMine, which closed the day at $46.03. Despite an 11.58% slide over the past week, the stock has been a standout performer in 2024, boasting a staggering year-to-date gain of 534.9%. This contrasts with the modest gains of the broader market, where the Nasdaq and Dow Jones each inched up roughly 0.2%.

The purchase underscores Ark’s continued confidence in the crypto infrastructure company. BitMine recently reported that the total value of its treasury, comprising cryptocurrency and cash holdings, has grown to an estimated $8.82 billion. This treasury is anchored by 1.71 million Ethereum (ETH), valued at approximately $7.9 billion.