Cathie Wood’s investment firm ARK Invest bought another chunk of Bitmine Immersion Technologies shares this week. The purchase happened on November 6.
ARK picked up 240,507 BMNR shares worth about $9.2 million. The shares were spread across three different funds.
Bitmine Immersion Technologies, Inc., BMNR
The ARK Innovation ETF grabbed 167,348 shares. The ARK Next Generation Internet ETF took 48,361 shares. The Ark Fintech Innovation ETF added 24,798 shares.
This marks ARK’s third purchase of BMNR stock this year. Wood first bought into the company back in July with a $182 million bet.
Cathie Wood and Ark Invest bought 240,507 shares of Bitmine $BMNR today
167,348 shares in $ARKK
48,361 shares in $ARKW
24,798 shares in $ARKF pic.twitter.com/9fFDC4GvxY— Treasury Edge (@TreasuryEdge) November 7, 2025
Bitmine operates differently from typical crypto companies. The firm accumulates and holds Ethereum on its balance sheet instead of mining and selling immediately.
Tom Lee chairs Bitmine. He’s the co-founder and head of research at Fundstrat. Lee is known on Wall Street for his bullish stance on Ethereum adoption.
Bitmine currently holds 3.31 million ETH worth more than $11 billion. The company ranks as the second-largest crypto treasury firm behind Michael Saylor’s Strategy.
The firm has set a goal to reach 5% of the total Ether supply. That’s a pretty aggressive target.
ARK Invest’s strategy gives it indirect Ethereum exposure without holding ETH directly. This fits with Wood’s approach to spotting disruptive growth in emerging sectors.
The BMNR stock closed at $37.37 on Wednesday after falling about 7%. Thursday saw a recovery of more than 4% with shares trading at $38.94.
The stock has taken a beating lately. BMNR stock has lost 35% of its value over the past month.
But Wood keeps buying. Her latest purchase shows continued confidence in the company’s prospects.
Market analyst Melbourne Detective values Bitmine’s total assets around $11 billion. His calculation includes the company’s Ethereum holdings plus Bitcoin, cash, and other assets.
With Ethereum trading near $3,325, BitMine’s per-share value sits close to $37.40. That’s almost exactly where the stock trades now.
Some analysts think Ethereum could rebound short-term. If ETH pushes back to $3,400 or $3,450, BMNR stock could hit $39 to $40.
A bigger move to $4,100 for Ethereum could send the stock to the mid-40s. These projections depend entirely on ETH price movements.
More companies are looking at Ethereum as a treasury reserve. ETH offers staking yields that Bitcoin cannot provide.
Wood recently lowered her Bitcoin expectations. She said stablecoins are handling tasks she once thought BTC would perform.
But her Ethereum conviction appears strong. The repeated BMNR purchases this year back that up.
ARK’s investment was divided across multiple ETFs focused on technology and next-generation internet themes. This shows Wood sees Ethereum fitting into several future-focused categories beyond just digital assets.
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