Bitmine Immersion Technologies sunk its stock sink by nearly 8% this week, but did not stop Cathie Wood’s Ark from pouring another $15.6 million.
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The latest move is during periods of increased volatility in both the stock and crypto markets.
Ark expands its holdings
According to an ARK transaction disclosure on August 27, the company purchased 339,113 BitMine shares, spread across three ETFs.
ARK Innovation ETF acquired 227,569 shares, just over $10 million, while the next-generation Internet ETF added 70,991 shares worth $3.27 million.
The Fintech Innovation ETF purchased an additional 40,553 shares for $1.87 million. Despite this new round of purchase, Bitmine shares ended the day at $46, then slid 7.80% in an extended trading.
Cathie Wood and Ark Invest purchased 339,113 shares of Tom Lee’s $BMNR Today Pic.twitter.com/G9SQY02RDG
– Tom Lee Tracker (@tomleetracker) August 28, 2025
Ethereum Strategy attracts institutional attention
Bitmine’s pivot from Bitcoin mining to the Ethereum-centric Treasury Department earlier this summer transformed the company into a leading corporate player in crypto.
The balance sheet currently holds 1,714,000 ETH, worth around $820 billion, 192 Bitcoin and $562 million in cash.
This makes Bitmine the world’s largest corporate owner. Billionaire investor Peter Thiel has also acquired a 9% stake, adding more weight to the company’s rapid rise.
According to the latest data, the company’s strategy is driving a rapid price movement in stock prices. After surged more than 3,000% to a record high of $135 in early July, stocks have grown more than 400% per year despite recent pullbacks.
Large-scale equity offering fuel expansion
It has been reported that Bitmine has dramatically expanded its funding plan. On August 12, the company submitted to boost market equity offers from $2 billion to $24.5 billion, a move led by Canter Fitzgerald and Sinke Kitty.
Observers say the new funds will give Bitmine more firepower to set Ethereum’s position. Analysts have forecast strong Ethereum profits, reaching $5,500 in the short term and $12,000 at the end of the year.
Once these targets come true and Bitmine pushes towards a 5% supply target, the company can one day compete with Michael Saylor’s strategy.
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Ethereum’s new corporate champion?
Social media response quickly framed Bitmine as a strategy for Ethereum’s version.
ARK’s growth position is above $200 million this summer, and it only strengthens that concept. But the risk is just as visible.
Bitmine’s stock price movements highlight that even with billions of dollars on the balance sheet, concentrated bets can move wildly.
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