Ark Invest, the investment firm managed by Cathie Wood, took advantage of the sharp decline in BitMine Immersion shares to purchase an additional $15.6 million worth of shares.
Ark Invest Buys $15.6 Million in BitMine Shares as They Fall
According to the company’s daily trading report, a total of hundreds of thousands of shares were purchased through three different exchange-traded funds (ETFs).
Looking at the details, the ARK Innovation ETF (ARKK) added 227,569 shares, the ARK Next Generation Internet ETF (ARKW) added 70,991 shares, and the ARK Fintech Innovation ETF (ARKF) added 40,553 shares of BitMine to its portfolio.
These purchases came after BitMine shares, trading under the ticker symbol BMNR, fell 7.85% to close at $46.03 on Wednesday. While the total decline over the past five days has reached 11.58%, the shares have gained a remarkable 534.9% since the beginning of the year. The Nasdaq closed up 0.2%, while the Dow Jones Industrial Average rose 0.3%.
BitMine, known for its Ethereum reserves, announced earlier this week that its total crypto and cash holdings reached $8.82 billion. 1.71 million ETH accounts for $7.9 billion of that amount.
The company also announced plans to increase its current $4.5 billion share sale program to $24.5 billion in a filing with the U.S. Securities and Exchange Commission (SEC) on August 12. This step aims to generate funding for more Ethereum purchases.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/investment-firm-ark-invest-purchases-large-shares-of-ethereum-supporting-company-here-are-the-details/
