Ark Invest acquired BitMine shares for 9 million dollars.

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

The acquisition took place as follows: 167,348 shares (6.3 million dollars) through the Ark Innovation ETF (ARKK), 48,361 shares (1.8 million dollars) through the Ark Next Generation Internet ETF (ARKW), and 24,798 shares (927 thousand dollars) through the Ark Fintech Innovation ETF (ARKF). Ark Invest's portfolio management strategy stipulates that no single asset should 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 shares.

According to the company's data, BitMine shares currently represent 2.3% (approximately 175 million dollars) of the ARKK fund, 2.3% (52.3 million dollars) in the ARKW fund, and 2.4% (27.4 million dollars) in the ARKF fund. However, BitMine shares closed Thursday with a 9.8% decline at 37.37 dollars, having lost 20.1% over the past five days and 42.5% over the past month. Nevertheless, BMNR has achieved a 769% gain year-to-date with its hallmark Ethereum (ETH) treasury strategy.

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