Ethereum receives a major positive boost: Ark Invest increases its holdings of BitMine against the trend, buying the dip with $9 million in BMNR.

On a trading day when BitMine (BMNR) shares fell by 9.8%, Cathie Wood’s Ark Invest made an contrarian move on Thursday, purchasing approximately $9 million worth of 240,507 shares of BitMine stock. BitMine is the largest Ethereum treasury company, holding nearly 3.4 million ETH as of November 2, valued at about $11.2 billion. Despite a 42.5% drop in BMNR’s stock price over the past month and generally weak crypto-related stocks, Ark Invest’s increased holdings once again highlight the firm’s strong confidence in the long-term strategic value of the Ethereum ecosystem.

Contrarian Bottom-Fishing: Ark Invest Invests $9 Million to Increase BMNR Holdings

On Thursday, amid widespread negative trading sentiment toward crypto-related stocks, Ark Invest, led by Cathie Wood, took decisive bottom-fishing action. The firm purchased 240,507 shares of BitMine through its three exchange-traded funds (ETFs), totaling approximately $9 million.

The increase was primarily executed through its Ark Innovation ETF (ARKK), which bought 167,348 shares (around $6.3 million); additionally, 48,361 shares (about $1.8 million) were allocated to the Next Generation Internet ETF (ARKW); and 24,798 shares (approximately $927,000) to the Fintech Innovation ETF (ARKF).

This purchase occurred against the backdrop of BMNR’s stock dropping 9.8% in a single day. On Thursday, BitMine closed at $37.37, down 20.1% over the past five days, and had plummeted 42.5% last month. Nonetheless, Ark Invest’s active rebalancing clearly signals its long-term investment thesis in Ethereum treasury holdings.

Core Value of BitMine: The Largest Institutional ETH Holder

BitMine’s appeal to institutions like Ark Invest stems from its enormous Ethereum treasury. As of November 2, the company held nearly 3.4 million ETH, valued at approximately $11.2 billion, making it the world’s largest Ethereum treasury holder. Last week, the firm added another 82,353 ETH, further consolidating its market position.

According to SER data, BitMine’s ETH holdings far surpass competitors such as Joe Lubin’s SharpLink (about 859,400 ETH) and The Ether Machine (around 496,710 ETH). Although BitMine is the second-largest publicly traded crypto treasury company (after Strategy, which holds 641,205 BTC), its concentrated ETH holdings make it a key player in Ethereum ecosystem investments.

Led by Chairman Tom Lee, BitMine aims to acquire 5% of Ethereum’s circulating supply, approximately 6.04 million ETH. This ambitious goal has garnered support from top institutions including Ark Invest, Bill Miller III, Digital Currency Group (DCG), Founders Fund, and Galaxy Digital.

Market Environment: Crypto-Related Stocks Under Pressure

Thursday’s market environment showed widespread selling pressure. Besides BMNR, other crypto-related stocks also suffered heavy declines, including Robinhood down 10.8%, Coinbase down 7.5%, and the largest publicly traded Bitcoin miner IREN down 12.4%. Cryptocurrencies themselves also declined: Bitcoin fell 2.3%, and Ethereum dropped 3.4%.

Ark Invest’s investment strategy limits individual holdings to no more than 10% of a fund’s portfolio to ensure diversification. Currently, BMNR accounts for 2.3% of the ARKK fund (about $175 million), with similar weights in ARKW and ARKF. Despite recent sharp declines, since implementing its Ethereum treasury strategy in late June last year, BMNR’s stock price has still gained a total of 769%. Ark’s increased holdings during this downturn reflect its proactive risk management based on long-term conviction.

Conclusion

Cathie Wood’s Ark Invest’s contrarian accumulation of BitMine shares not only exemplifies its disciplined investment approach but also signals strong confidence in Ethereum as a long-term reserve asset and a foundational infrastructure for future Web3 development. Amid market panic and sharp stock price corrections, the continued accumulation by top institutions sends a key long-term message: the core value of Ethereum remains intact.