ARK Invest, led by Cathie Wood, has taken a bold step further into the crypto space by investing $182 million into Ethereum-focused infrastructure firm BitMine, purchasing 4.77 million shares across several ARK funds she announced the following through a tweet.
The deal, completed via a block trade tied to BitMine’s ongoing at-the-market equity program, will allocate 100% of the $177 million in net proceeds toward Ethereum purchases, the company confirmed on July 22. This move significantly strengthens ARK’s position in the crypto space, aligning with its previous bets on Bitcoin, blockchain, and AI innovation. Fundstrat’s Tom Lee, BitMine’s chairman, said the deal signals validation of BitMine’s aggressive ETH accumulation model—likening it to ARK’s early investments in Tesla and Circle.
BitMine has been rapidly shifting toward Ethereum in recent months. In late June, the company raised $250 million through a private placement led by MOZAYYX, alongside big names like Founders Fund, Pantera, Kraken, Galaxy Digital, and FalconX. All of the capital was used to purchase and stake Ethereum.
Corporate treasuries overtake Ethereum Foundation
BitMine aims to accumulate and stake 6 million ETH, or 5% of the entire Ethereum supply, using capital markets, staking yields, and operational cash flows. While the company still operates energy-efficient mining farms in Trinidad and Texas, ETH is now the core of its long-term financial strategy.
The firm views Ethereum as foundational to the future of finance, citing Treasury Secretary Scott Bessent’s projection that the stablecoin market could hit $2 trillion by 2028 as a major catalyst for ETH demand.