according to the website - By Cryptos News
Ark Invest, led by Cathie Wood, doubles down on BitMine Immersion, acquiring shares from three of its exchange-traded funds (ETFs) for a total of $15.6 million, despite a sharp decline in shares on Wednesday. According to Ark's daily disclosure, the ARK Innovation ETF (ARKK) purchased 227,569 shares, the ARK Next Generation Internet ETF (ARKW) bought 70,991 shares, and the ARK Fintech Innovation ETF (ARKF) acquired 40,553 shares of BitMine.
This occurred against the backdrop of BitMine (BMNR) shares falling by 7.85% on Wednesday, closing at $46.03. Over the past five days, the stock has dropped by 11.58%, although its growth since the beginning of the year has been an impressive 534.9%, according to Yahoo Finance data. In comparison, the Nasdaq Composite index rose by 0.2%, while the Dow Jones Industrial Average increased by 0.3%.
BitMine, positioning itself as an Ethereum treasury company, reported earlier this week that its total cryptocurrency and cash reserves have grown to $8.82 billion. This includes 1.71 million ETH, valued at approximately $7.9 billion.
The significant volume of the company's investments in ETH highlights its unique strategy aimed at retaining and expanding Ethereum reserves, as well as diversifying investments into cash assets.
Expansion of the stock investment program
On August 12, BitMine announced that it had submitted an application to the U.S. Securities and Exchange Commission (SEC) to expand its stock investment program from $4.5 billion to $24.5 billion. The proceeds are intended to finance additional purchases of Ethereum and strengthen its balance sheet. What does this mean for investors?
The bold acquisition of BitMine shares by Ark Invest demonstrates confidence in the company's long-term value, despite short-term volatility. Given that Cathie Wood's funds are known for their investments in fast-growing and revolutionary companies, this strategic purchase reflects a continued belief in the Ethereum ecosystem and companies holding significant blockchain assets.
In an unstable market environment, traders and institutional investors are closely monitoring whether BitMine can maintain its momentum amid both heightened scrutiny from regulators and broader fluctuations in the cryptocurrency market.
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