Crypto mining firm BitMine Technologies has announced a significant $182 million investment from ARK Invest, the firm led by well-known investor Cathie Wood. This deal was done through a block trade using BitMine’s at-the-market (ATM) share offering program.
ARK Invest purchased 4.77 million shares of BitMine, resulting in the crypto company receiving approximately $177 million in net cash after deducting costs. The money will be used to purchase more Ethereum (ETH), which is part of the crypto miner’s broader plan to establish one of the largest Ethereum holdings in the world.
This move follows BitMine’s goal to eventually hold up to 5% of the total Ethereum supply. The company is implementing a three-step plan that involves mining Bitcoin, raising funds from investors, and earning interest through staking Ethereum. With this ARK investment, the crypto miner is closer to reaching its target.
BitMine Holds Over $1 Billion in ETH
Earlier this month, the crypto mining firm revealed that it already holds over 300,000 ETH, worth more than $1 billion. This came shortly after it raised $250 million in a separate private funding round. The new ARK Invest funding will now enable the crypto miner to acquire even more Ethereum, strengthening its position as a major player in the cryptocurrency market.
This investment demonstrates how large financial firms are starting to view Ethereum as a robust long-term investment. It also highlights how the crypto mining company is becoming a key player in Ethereum investing, particularly for institutions seeking to gain exposure to crypto through traditional stock markets. With Ethereum’s growing importance in the crypto space, BitMine’s bold moves could have a significant impact in the coming years.
Other Firms Embrace ETH
Just days before BitMine got a $182 million boost from ARK Invest to grow its Ethereum holdings, SharpLink Gaming is making headlines too. The Nasdaq-listed company has now passed $1 billion in Ethereum after buying 21,468 more ETH, bringing its total to 307,362 ETH.
This indicates a growing trend among large companies not only to invest in Ethereum but also to utilize it to earn rewards. Both BitMine and SharpLink are now among the top corporate holders of ETH, with active strategies to grow their crypto assets.
