ARK Invest’s Stake in BitMine Surges Beyond $300M as Ether Treasury Model Gains Traction

Cathie Wood’s ARK Invest has expanded its exposure to BitMine Immersion Technologies, acquiring $15.6M in shares across three ETFs, according to filings. The move further strengthens ARK’s bet on Delegated proof-of-stake (DPoS) and crypto infrastructure.

The purchase raises ARK’s total stake in the Ethereum-focused company to more than $300 million, cementing BitMine as one of the asset manager’s largest crypto-related holdings.

Shares were distributed among the ARK Innovation ETF (227,569), ARK Next Generation Internet ETF (70,991), and ARK Fintech Innovation ETF (40,553). The trades came as BitMine stock fell 8% on Wednesday to $46.03, with an additional 2.2% decline after hours. Despite the pullback, BMNR remains up nearly 490% year-to-date.

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BitMine Emerges as Largest Ether Treasury

BitMine has redefined itself from a bitcoin mining outfit into an Ethereum treasury giant. As of August 24, the company reported 1.71 million ETH under management valued at $8 billion alongside $562 million in cash and 192 BTC. The combined $8.82 billion in crypto and fiat makes it the largest public holder of Ether and the second-largest overall crypto treasury globally.

Net asset value per share jumped from $22.84 at the end of July to $39.84 by August 24, reflecting rapid accumulation. The firm raised $250 million in July to accelerate its purchases, sparking a 3,000% rally in its stock over the following five trading days. That surge drew comparisons to MicroStrategy’s bitcoin strategy during earlier cycles.

ARK’s Position Relative to Coinbase

ARK Invest’s $300 million stake in BitMine now represents nearly half the size of its Coinbase position, valued around $676 million following recent sales. The reallocation signals a deliberate shift toward Ethereum-centric exposure.

ARK has also expanded into crypto-adjacent equities, disclosing $21.2 million in Bullish stock and $16.2 million in Robinhood Markets on August 20. Combined, the trades highlight Wood’s continued conviction that digital asset infrastructure will remain a growth driver.

Why Ethereum and Why Now?

Ethereum (ETH) has emerged as a corporate treasury asset due to its staking economics, network utility, and liquidity. BitMine’s strategy leverages staking to generate yield on reserves while positioning itself as a key institutional validator.

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The Delegated Proof of Stake (DPoS) model, which is common across multiple networks, is influencing operational standards, even for Ethereum’s Proof of Stake system. Practices such as delegation to professional validators, performance scorecards, and redundancy planning are increasingly applied by large ether treasuries. For investors, this demonstrates that treasury managers are borrowing tested governance and risk frameworks from DPoS networks to strengthen ETH custody and staking operations.

Market Signals

The pace of accumulation has not gone unnoticed. Peter Thiel disclosed a 9.1% stake in BitMine in July, sending shares 15% higher. Meanwhile, Investopedia ranked BitMine as the largest publicly traded ETH holder by mid-August, with holdings that nearly doubled within weeks

On X (formerly Twitter), market watchers flagged ARK Invest’s latest buy:

Here's every move Cathie Wood and Ark Invest made in the stock market today 8/27 pic.twitter.com/s1t7lgAl9o

— Ark Invest Tracker (@ArkkDaily) August 28, 2025

Key Indicators Driving the Story

Strategic Implications

For ARK Invest, BitMine offers direct exposure to Ethereum’s growth without the regulatory hurdles of holding ETH on the balance sheet. For BitMine, the endorsement from one of Wall Street’s most-watched innovation funds provides legitimacy as it pursues capital raises and governance expansion.

Daily trading volumes averaging $2.8 billion place BitMine among the 20 most liquid US stocks, according to company statements. That liquidity ensures institutions like ARK Invest can scale exposure without disrupting markets, a critical consideration for funds managing billions in assets.

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Conclusion

ARK Invest’s latest purchase of BitMine shares underscores a growing institutional thesis around Ethereum as a treasury asset. With more than $300 million now committed, ARK has placed BitMine alongside Coinbase as a core component of its crypto equity strategy.

For Ethereum, the rise of corporate treasuries backed by institutional capital may accelerate its integration into the mainstream finance sector. And with practices shaped by Delegated Proof of Stake informing operational norms, BitMine’s experiment in large-scale ether management could set standards for a new wave of institutional adoption.

Frequently Asked Questions About ARK Invest Pushes Ethereum Strategy

Why did ARK Invest increase its BitMine holdings?

ARK Invest expanded its position to deepen exposure to Ethereum infrastructure and yield‑driven treasury models, aligning with growing institutional confidence in ETH’s productivity.

How much Ether does BitMine hold?

BitMine holds approximately 1.71 million ETH, valued at around $8 billion as of late August, and manages over $8.8 billion in combined crypto and cash holdings.

How does Delegated Proof of Stake (DPoS) feature in ARK Invest’s investment thesis?

DPoS is integrated into Ethereum staking dynamics. By backing BitMine, ARK supports infrastructure that dovetails with delegated validation and network resilience models.

How does this holding compare to ARK Invest’s exposure to Coinbase?

At over $300 million, ARK’s BitMine exposure is nearly half its roughly $676 million investment in Coinbase, signaling a reallocation toward Ethereum treasury strategies.

What risks does BitMine face?

BitMine contends with stock volatility, regulatory uncertainty, and high operational costs. Its strategy depends heavily on ETH’s price stability and institutional demand.