ARK Invest, led by Cathie Wood, has made a major equity investment in BitMine Immersion Technologies Inc. (AMEX:BMNR), acquiring nearly 4.8 million shares valued at $182 million across multiple ARK funds.
BitMine confirmed that the net proceeds of $177 million from this transaction will be used exclusively to buy Ethereum (ETH), as the firm pursues its goal of acquiring 5% of the circulating ETH supply.
Thomas “Tom” Lee, Chairman of BitMine’s Board of Directors and Head of Research at Fundstrat, lauded Cathie Wood’s ARK Invest for taking a substantial stake in BitMine.
Also Read: BitMine Surges 14% After Hours As Ethereum Holdings Top $1 Billion Just Days After $250 Million Raise
He highlighted her reputation as an early backer of breakthrough investments such as Tesla Inc. (NASDAQ:TSLA) and Bitcoin (CRYPTO: BTC/USD). Wood recently anchored her support behind Circle’s (NYSE:CRCL) high-profile IPO under the ticker CRCL.
Other major names backing BitMine’s Ethereum strategy include Founders Fund, Pantera Capital, Galaxy Digital, Kraken, Digital Currency Group, and the pseudonymous MOZAYYX. Their collective support points to renewed institutional interest in Ethereum as the crypto market gears up for what some believe could be the next bull cycle.
The move also reflects what many are calling the “Peter Thiel effect,” referring to the wave of capital entering Ethereum-related projects following strong signals from influential tech investors.
BitMine’s decision to allocate its latest raise to Ethereum is a bold signal of confidence in the asset’s long-term trajectory. As competition among crypto-focused firms intensifies, strategic backing from high-profile investors like Wood could shape the future of digital asset accumulation.
Related ETFs include Grayscale Ethereum Trust (OTCQX:ETHE) and Bitwise Crypto Industry Innovators ETF (NYSE:BITQ).
Price Action: BMNR shares are trading higher by 4.08% to $41.19 at last check Tuesday.
Read Next:
Peter Thiel And Cathie Wood Just Boarded Tom Lee’s Ether Rocket
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This article Cathie Wood Joins Crypto Heavyweights In Backing BitMine’s Ethereum Play originally appeared on Benzinga.com
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