ARK Invest purchased $18.6 million in shares of ether treasury firm BitMine Immersion Technologies (BMNR).
Cathie Wood’s investment firm acquired a total of 529,366 BMNR shares for its Innovation (ARKK) and Next Generations Internet (ARKW) exchange-traded funds (ETFs) on Monday, as noted in an email notification.
BMNR dropped more than 11.8% to $35.11 and has declined approximately 74% since reaching $135 earlier this month.
BitMine has emerged as one of the largest corporate holders of ether recently, amassing over 300,000 ETH valued at more than $1 billion.
Several companies have adopted a strategy of building an Ethereum treasury, following the lead of Michael Saylor’s strategy with bitcoin.
This trend has contributed to a surge in ETH’s price, which increased around 57% in July to nearly $3,900, according to RialCenter data.
ARK also sold just under $7 million of Coinbase shares and $15 million worth of Jack Dorsey’s fintech company Block, based on Monday’s closing prices.
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