Ark Invest Boosts Ethereum Treasury Exposure with $9.2 Million BMNR Purchase Amid Crypto Market Fluctuations

Wood’s Firm Deepens Stake in BitMine Immersion Technologies Despite Recent ETH Price Decline

In a significant move highlighting continued institutional confidence in the cryptocurrency sector, Ark Invest, the investment powerhouse helmed by renowned technology investor Cathie Wood, has expanded its position in Ethereum treasury firm BitMine Immersion Technologies (BMNR). The firm acquired an additional 240,507 shares—valued at approximately $9.2 million—through three of its actively managed ETFs on Thursday, demonstrating a strategic commitment to digital asset exposure despite recent market volatility.

This latest acquisition comes during a period of downward price movement for BMNR shares, coinciding with Ethereum’s retreat from its recently established all-time high. Despite the broader cryptocurrency market’s fluctuations, BMNR shares have shown resilience, trading up 2% on Friday at over $38 per share, while Ethereum trades at $3,375. The investment represents a calculated move by Ark Invest to capitalize on what they likely perceive as a temporary market correction in the blockchain and cryptocurrency space, rather than a fundamental shift in the long-term value proposition of Ethereum-related assets.

Ark’s commitment to BitMine has grown substantially over recent months, with the firm’s flagship ARKK innovation fund, along with its ARKF fintech and ARKW next-generation internet ETFs, now collectively holding more than 6.8 million BMNR shares. This substantial position, valued at nearly $260 million, reflects Wood’s consistent thesis that blockchain technology and cryptocurrencies represent transformative investment opportunities. The firm’s largest BMNR acquisition occurred in July when it added approximately 4.7 million shares at around $40.77 each—a move that BitMine Chairman Tom Lee characterized as recognizing “an exponential opportunity” in the digital asset treasury space.

BitMine Emerges as Leading Ethereum Treasury as Wood Adjusts Long-term Bitcoin Outlook

BitMine Immersion Technologies has established itself as a dominant player in the Ethereum ecosystem, currently holding nearly 3.4 million ETH valued at almost $11.3 billion. This substantial treasury makes BitMine the largest publicly traded Ethereum treasury firm and positions it as the second-largest publicly traded digital asset treasury overall. Only Bitcoin-focused Strategy surpasses BitMine in total treasury value, with Strategy’s Bitcoin holdings approaching $65 billion. The strategic accumulation of Ethereum by BitMine represents a significant corporate bet on the long-term viability and appreciation potential of the world’s second-largest cryptocurrency by market capitalization.

While maintaining bullish positions on digital assets and crypto equities, Wood made headlines on Thursday by adjusting her future Bitcoin price target. Previously projecting that Bitcoin would reach $1.5 million per coin by 2030, she has now revised that forecast downward to $1.2 million, citing the unexpected rapid adoption of stablecoins as a competitive factor. “Given what’s happening to stablecoins—serving emerging markets in the way we thought Bitcoin would—I think we could take $300,000 off of that bullish case [for Bitcoin],” Wood explained during a CNBC interview on Thursday. This adjustment demonstrates Wood’s nuanced approach to cryptocurrency investment theses, acknowledging how evolving market dynamics influence long-term price projections while still maintaining a fundamentally optimistic outlook.

The $1.2 million price target aligns with the “base case” scenario presented in Ark Invest’s earlier research this year, which accounted for Bitcoin’s “active supply”—a methodology that discounts lost or long-held coins to provide a more realistic market assessment. In that comprehensive report, Ark outlined an even more optimistic bull case scenario of $2.4 million per Bitcoin by 2030, highlighting the firm’s continued confidence in cryptocurrency as a transformative asset class despite short-term price volatility. This balanced approach to price forecasting, combining both conservative base cases and more aggressive bull scenarios, has become a hallmark of Ark’s approach to emerging technology investments.

Market Dynamics: Bitcoin Hovers Above $100,000 While Ethereum Remains Well Below Recent Peak

The broader cryptocurrency market continues to display mixed signals, with Bitcoin trading up 1.3% in the last 24 hours at $102,488. The leading digital asset briefly dipped below the psychologically significant $100,000 threshold on Tuesday for the first time since May, and experienced another similar dip early Friday before recovering. These fluctuations have dampened market sentiment, with predictive analytics platforms such as Myriad now indicating just a 26% probability of Bitcoin establishing another all-time high before year’s end—a marked decline in confidence compared to previous months.

Ethereum has demonstrated slightly stronger performance in recent trading, up approximately 2.7% over the same period. However, the second-largest cryptocurrency by market capitalization remains nearly 33% below its August all-time high of $4,946. This significant retracement from peak prices has created both challenges and opportunities for institutional investors like Ark Invest, who appear to be leveraging the market correction to establish larger positions at more favorable entry points. The divergent performance between various digital assets highlights the increasing maturity of the cryptocurrency market, as different blockchain networks and their native tokens respond to distinct adoption metrics, technical developments, and investor sentiment factors.

The ongoing institutional interest in cryptocurrency-related equities, as evidenced by Ark’s continued BMNR purchases, suggests that sophisticated investors remain confident in the long-term value proposition of blockchain technology despite short-term price fluctuations. This pattern of accumulation during market downturns has historically characterized the investment approach of successful institutional players in emerging technology sectors. As the digital asset ecosystem continues to evolve and mature, the interplay between traditional finance and cryptocurrency markets becomes increasingly significant, with firms like Ark Invest serving as important bridges between these converging financial worlds.

Wood’s revised outlook on Bitcoin and her firm’s strategic accumulation of BMNR shares reflect a nuanced understanding of the cryptocurrency landscape—one that acknowledges short-term headwinds while maintaining conviction in the revolutionary potential of blockchain technology and decentralized finance. As institutional adoption continues to grow and regulatory frameworks mature, the actions of prominent investment firms like Ark Invest provide valuable signals regarding the trajectory and potential of the digital asset ecosystem in the years ahead.