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Investing.com -- BitMine Immersion (NASDAQ:IMMR) (NYSE AMERICAN:BMNR) stock rose 3% Tuesday after Cathie Wood’s ARK Invest acquired a significant equity stake in the company across multiple funds.
ARK purchased 4,773,444 shares of BitMine common stock, totaling $182 million. BitMine plans to use 100% of the net proceeds ($177 million) to acquire Ethereum (ETH). The transaction was completed via a block trade connected to BitMine’s previously announced ATM program.
Thomas "Tom" Lee of Fundstrat, Chairman of BitMine’s Board of Directors, expressed enthusiasm about ARK’s investment, noting that Wood recognizes the "exponential opportunity" as the company targets reaching 5% of ETH. The company stated that Wood joins other notable investors including MOZAYYX, Founders Fund, Pantera, Kraken, Digital Currency Group, and Galaxy Digital (TSX:GLXY) in supporting BitMine’s ETH acquisition goal.
Wood, known for her early investments in Tesla (NASDAQ:TSLA), Bitcoin, and AI companies, was also recently an anchor investor in Circle’s IPO, which BitMine described as "one of the most notable IPO’s in the past 6 years."
BitMine Immersion Technologies focuses on cryptocurrency investments, with a particular emphasis on expanding its Ethereum holdings.
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