Key Notes

• The latest purchase of BMNR stock follows the $182 million investment in Bitmine Technologies last week.
• Backed by Peter Thiel and led by Tom Lee, Bitmine has amassed 566,800 ETH, worth over $2 billion in just 16 days.
• Bitmine and SharpLink Gaming are competing to build the largest ETH reserves.

On Monday, July 28, Cathie Wood’s Ark Invest announced buying $20 million worth of shares of Tom Lee’s ETH treasury firm Bitmine Technologies (NYSE: BMNR).

This investment comes despite the BMNR stock price falling 12% yesterday. With backing from Peter Thiel, Bitmine is currently the largest ETH holder with 566,800 ETH

ETH
$3 828



24h volatility:
1.3%


Market cap:
$461.54 B



Vol. 24h:
$33.67 B

.

Cathie Wood’s Ark Invest Purchases 572,853 Bitmine (BMNR) Shares

On July 28, Ark Invest purchased 572,853 BMNR shares, worth a staggering $20 million, across three actively managed ETFs.

The ARK Innovation ETF (ARKK) purchased 401,318 shares of BitMine, while ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) added 128,048 and 43,487 shares, respectively.

Here’s every move Cathie Wood and Ark Invest made in the stock market today 7/28 pic.twitter.com/r2ZbGX0JfA

— Ark Invest Daily (@ArkkDaily) July 29, 2025

This is not the first purchase of Bitmine shares from the asset manager. Last week, the Cathie Wood-led firm purchased BMNR shares worth a massive $182 million. This came soon after tech billionaire Peter Thiel announced a $500 million investment in Bitmine Technologies, following the company’s ETH treasury plan.

The buying spree followed BitMine’s announcement that its Ether holdings had surpassed $2 billion within just 16 days. The Tom Lee-led firm said that ETH price could be worth $60,000 based on Wall Street’s “replacement value.”

On the other hand, the BMNR stock has come under strong selling pressure, dropping 12% on Monday and closing at $35.

In the after-hours trading session, the share corrected another 14%, dropping to $30. The Bitmine share price has been extremely volatile, but it still trades at 500% upside after it announced its ETH treasury plan.

ETH Treasury Race Picks Up

The race for Ethereum treasury is picking up fast with SharpLink Gaming (NASDAQ: SBET) and Bitmine Technologies in a race to build the largest strategic ETH reserve.

On the other hand, inflows into spot Ethereum ETFs have picked up strongly since June, with BlackRock iShares Ethereum Trust (ETHA) leading most of the inflows.

Earlier this week, BlackRock’s ETHA hit the milestone of holding 3 million ETH, crossing over $10 billion in assets under management, within a year of launch.

In another development, Ark Invest announced a partnership with Canada-based SOL Strategies, naming the firm as the exclusive staking provider for its Digital Assets Revolutions Fund.

As part of the agreement, the fund which comprises a diversified portfolio of top crypto coins, will migrate its validator operations to SOL Strategies’ infrastructure.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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