BitMine Immersion Rises After ARK Invest Buys $182 Million in Ethereum Treasury Shares
Main Idea
BitMine Immersion shares have surged significantly due to increased interest in Ethereum, with ARK Invest making a substantial investment in the company.
Key Points
1. BitMine Immersion shares rose over 800% in the past month after shifting focus to Ethereum accumulation, including a $500 million purchase last week.
2. ARK Invest bought more than 4.7 million shares of BMNR worth $182 million, adding to its ARKK, ARKW, and ARKF ETFs.
3. BitMine aims to acquire and stake 5% of all Ethereum, with its strategy kick-started by a $250 million private placement on June 30.
4. Ethereum's price has increased by 45% over the past month, trading at around $3,725, despite a slight recent dip.
5. Other firms like SharpLink Gaming and Bit Digital have also been accumulating Ethereum, with SharpLink holding over $1.3 billion in ETH and Bit Digital purchasing 19,683 ETH.
Description
BitMine Immersion shares were up a day after Cathie Wood's ARK Invest purchased $182 million of the Ethereum treasury company's stock.
Latest News
- DOJ Seeks to Return Millions in Crypto to Alleged Victims of $97M Oil and Gas Scheme2025-07-23 06:28:36
- Here's Why Ethereum ETF Investors Are Outperforming Their Bitcoin Counterparts2025-07-23 05:43:33
- ASX-Listed DigitalX Leans Into Bitcoin Treasury Strategy With Latest $8.8M Buy2025-07-23 05:15:51
- ‘Bizarre Situation’: SEC Halts Conversion for Another ETF Holding Bitcoin, Ethereum, and XRP2025-07-23 02:13:25
- Tesla’s Retro Diner Opens in Los Angeles with Burgers, Big Screens and Angry Neighbors2025-07-23 00:27:41