Ark Invest purchased BitMine shares for 9 million dollars.

Ark Invest purchased a total of 240,507 shares of BitMine (BMNR) through three different funds, aiming to evaluate the sharp decline in the stocks. The total value of these purchases is approximately 9 million dollars. While cryptocurrency-focused company stocks have shown a downward trend in recent weeks, Ark Invest, led by Cathie Wood, reaffirmed its confidence in BitMine with this purchase made on Thursday.

The acquisition process occurred through the Ark Innovation ETF (ARKK) with 167,348 shares (6.3 million dollars), the Ark Next Generation Internet ETF (ARKW) with 48,361 shares (1.8 million dollars), and the Ark Fintech Innovation ETF (ARKF) with 24,798 shares (927 thousand dollars). Ark Invest's portfolio management strategy stipulates that a single asset should not exceed 10% of the fund's portfolio. This approach allows Ark to rebalance its portfolio in case of significant changes in the value of BitMine stocks.

According to the company's data, BitMine stocks currently account for 2.3% (approximately 175 million dollars) of the ARKK fund, 2.3% (52.3 million dollars) of the ARKW fund, and 2.4% (27.4 million dollars) of the ARKF fund. However, BitMine stocks closed Thursday with a 9.8% drop at 37.37 dollars, showing a 20.1% loss in the last five days and a 42.5% loss in the last month. Nevertheless, BMNR has achieved a remarkable 769% gain since the beginning of the year due to its signature Ethereum (ETH) treasury strategy.

Under the leadership of Tom Lee, BitMine aims to become the company with the largest Ethereum treasury, planning to accumulate 5% (approximately 6.04 million ETH) of the circulating Ethereum supply. Last week, the company added 82,353 ETH more, bringing its total to 3.4 million ETH (approximately 11.2 billion dollars). With this figure, BitMine continues to maintain its position as the company with the largest Ethereum treasury, followed by Joe Lubin's SharpLink (859,400 ETH) and The Ether Machine (496,710 ETH). BitMine is also in second place for the largest publicly traded digital asset treasury, after Michael Saylor's Strategy company, which holds 641,205 Bitcoin (BTC) following its latest acquisition.