Cathie Wood’s ARK Invest has deepened its exposure to Ethereum (ETH) by expanding its stake in BitMine Immersion Technologies (BMNR), the largest corporate holder of ETH.
On Sept.8, ARK purchased 101,950 BitMine shares worth about $4.4 million. The shares were split across three funds: ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF). With this move, ARK funds now hold 6.7 million BitMine shares valued at roughly $284 million, with the ARK Innovation ETF allocating about 2.6% of its portfolio to BitMine.
BitMine’s ETH Treasury Tops $9.2B
The buy coincided with BitMine’s announcement that its Ethereum treasury had surpassed 2,069,443 ETH, worth nearly $9.2 billion. The company also holds 192 Bitcoin and $266 million in cash, bringing its total assets above $9.2 billion.
That scale makes BitMine the largest Ethereum treasury in the world and the second-largest crypto treasury overall. This is behind Michael Saylor’s Strategy Inc., which leads in Bitcoin holdings. BitMine’s ETH stash represents about 1.7% of Ethereum’s circulating supply and 42% of all ETH held by corporations, which collectively hold 4.9 million ETH.
BitMine has set a long-term target to own 5% of Ethereum’s supply, a plan it calls the “alchemy of 5%.” So far, it has achieved just over a third of that goal.
BitMine’s aggressive Ethereum accumulation has drawn heavyweight backing from Peter Thiel’s Founders Fund, Bill Miller III, Pantera Capital, Kraken, Galaxy Digital, and Digital Currency Group, alongside ARK Invest.
In July, Founders Fund disclosed a 9.1% stake in BitMine, equal to more than five million shares. That announcement sent BitMine’s stock nearly 20% higher in one day, showing strong institutional confidence in its treasury model.
Tom Lee Sees Ethereum as 10–15 Year Macro Bet, Eyes Fed Rate Cut
BitMine chairman Tom Lee said Ethereum remains central to the company’s long-term vision.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10–15 years,”
Lee said.
Lee also tied BitMine’s outlook to U.S. monetary policy, saying a Federal Reserve rate cut could strengthen both equities and crypto markets. According to futures data, there is an 89.4% chance of a 25-basis-point cut at the Fed’s next meeting and a 10.6% chance of a larger half-point cut. Lower rates, Lee argued, would improve business confidence and reduce borrowing costs, creating favorable conditions for digital assets.
BitMine’s stock gained 4.1% on Sept.9 , closing at about $44.10 in after-hours trading. Moreover, the shares are up more than 525% since the start of 2025, building on a rally of over 3,000% earlier this year after the company shifted from Bitcoin mining to Ethereum treasury accumulation and appointed Tom Lee as chairman.
