Ark Invest Adds to Bitmain Shares… Total Investment $300 Million

JOON HYOUNG LEE

Summary

Ark Invest bought additional Bitmain shares, bringing the total investment to over $300 million.
Bitmain is a Bitcoin mining company listed on the U.S. Nasdaq.
Bitmain has been aggressively buying Ethereum since adopting an Ethereum treasury strategy in June.

*Cathie Wood, ARK Invest Chief Executive Officer (CEO)*

'Money Tree Sister' Cathie Wood-led Ark Invest has additionally purchased shares of Bitmain, an Ethereum (ETH) reserve company.

On the 28th (local time), Cointelegraph reported that Ark Invest, through three funds including the ARK Innovation exchange-traded fund (ETF), bought $15.6 million (approximately 22 billion won) worth of Bitmain shares on the previous day (the 27th). Cointelegraph said "(Ark Invest's) total investment in Bitmain has exceeded $300 million (approximately 420 billion won)."

Ark Invest began investing in Bitmain last month. Cointelegraph said "(Ark Invest) purchased $174 million worth of Bitmain shares across three funds in a single day on the 21st of last month."

Bitmain is a Bitcoin (BTC) mining company listed on the U.S. Nasdaq. Bitmain adopted an Ethereum treasury strategy in June and has been aggressively buying Ethereum since. According to the Strategic Ethereum Reserve, Bitmain has secured about 1.7 million Ethereum as of that day, valued at $7.93 billion (approximately 11 trillion won).

ETH