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ARK Invest acquired 4,773,444 shares of BitMine Immersion (NASDAQ:IMMR) Technologies (NYSE American: BMNR) for $182 million through a block trade connected to the company’s at-the-market program, according to a company statement.
BitMine plans to use the net proceeds of $177 million to acquire Ethereum (ETH). The transaction supports the company’s strategy to accumulate 5% of ETH, backed by investors including Cathie Wood’s ARK Invest, MOZAYYX, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital (TSX:GLXY).
"We are delighted that Cathie Wood’s ARK Invest is taking a substantial stake in BitMine as she sees the exponential opportunity ahead as we target reaching 5% of ETH," said Thomas Lee of Fundstrat, Chairman of BitMine’s Board of Directors.
BitMine operates as a Bitcoin and Ethereum network company focused on cryptocurrency accumulation for long-term investment. The company’s business includes Bitcoin mining, synthetic Bitcoin mining, hashrate financial products, and advisory services for companies seeking Bitcoin-denominated revenues.
The company operates mining facilities in Trinidad, Pecos, Texas, and Silverton, Texas, located in regions with low-cost energy. BitMine acquires cryptocurrency through both mining operations and capital raising transactions.
The investment represents ARK Invest’s participation across multiple of its funds. BitMine completed the transaction on July 22, 2025, as part of its previously announced ATM program structure.