Cathie Wood Buys 1M Bitmine Shares Amid $1B Buyback

Cathie Wood’s Ark Invest has significantly increased its stake in Bitmine Technologies (NYSE: BMNR), an ETH treasury firm, purchasing over 1 million shares in the last two days. This acquisition was spread across various Ark Invest portfolio ETFs. Bitmine, spearheaded by Tom Lee, has rapidly become the largest ETH treasury firm, holding 625K ETH acquired in just 30-40 days.

Cathie Wood's Bitmine (BMNR) Investment

Over the past two days, Ark Invest funds, including Ark Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF), collectively bought over 1 million BMNR shares. Bitmine Technologies leads corporate ETH holdings, followed by SharpLink Gaming, which holds 438,017 ETH.

On Monday, Ark Invest funds acquired 572,853 BMNR shares, followed by an additional 477,498 shares on Tuesday. While the BMNR stock has seen volatility, correcting 23% over the past week, it maintains strong institutional interest. Since its initial ETH purchase on June 30, the stock has surged by 600%.

• $1 Billion Buyback Plan

On July 29, Bitmine Technologies initiated a $1 billion stock buyback program to enhance its crypto assets-per-share ratio. The board approved this open-ended repurchase plan without a fixed timeline. Previously, tech billionaire Peter Thiel invested $500 million in Bitmine last month.

Bitmine currently holds $401.4 million in unencumbered cash and reports a net asset value (NAV) of $22.76 per share, including cash and crypto holdings. The company's crypto assets treasury is valued at $2.7 billion, including 154 BTC. Tom Lee stated:

“In our road to achieving ‘the alchemy of 5%’ of ETH, there may be times when the best expected return of our capital is to acquire our own shares.”

On Tuesday, Bitmine acquired an additional 58,224 ETH, worth approximately $225 million, bringing its total holdings to 625K ETH. The firm believes ETH could potentially reach $60,000 if the current bull market continues.

Ethereum Treasury Assets Surge

According to data from Strategic ETH Reserve, total ETH strategic reserves across 65 participants have reached 2.57 million ETH, driven by heavy institutional purchases over the past month.

Ethereum ETFs, led by BlackRock, have also seen significant inflows amid strong institutional demand. The US SEC approved in-kind redemptions for Ether ETFs, potentially attracting further institutional investment.

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