ARK Investment Management LLC acquired 7,469,813 shares of BitMine Immersion Technologies, Inc. (BMNR) according to a recent SEC filing. The investment is valued at approximately $387.91 million. This purchase gives ARK a 2.67% ownership stake in the company. BitMine Immersion Technologies now represents the 12th largest holding in the ARK portfolio.
The institutional investment follows a period of significant momentum for BitMine. The company recently disclosed total crypto and cash holdings reaching $9.9 billion. A substantial position in Ethereum drives the majority of these treasury assets.
BitMine shares rallied earlier in the week in response to the treasury disclosure and rising cryptocurrency prices. The stock experienced high daily trading volumes during this period. Market interest remains focused on the company's significant digital asset reserves.