Shares of BitMine Immersion (BMNR) have surged approximately 800% over the past month following an investment drive focused on Ethereum. Citing “ETH-focused investments” as a catalyst, Tuesday saw the stock rise more than 3% to around $40.77 per share.
The notable gain has been preceded by substantial institutional interest. Investment management giant ARK Invest acquired over 4.7 million shares, valued at approximately $182 million, following Peter Thiel-backed BitMine’s shift from Bitcoin mining towards Ethereum accumulation. Prior to ARK’s investment, the company had added $500 million worth of Ethereum, building on its initial $250 million Ethereum treasury established on June 30th.
BitMine Chair Tom Lee welcomed ARK’s investment, calling it an “exponential opportunity.” Lee noted Cathie Wood’s history of profitable early investments in disruptive technologies. BitMine intends to allocate the full $177 million raised by ARK entirely towards purchasing more Ethereum, aiming to stake 5% of all ETH. The ARK investment increased BitMine’s holdings of Ethereum significantly.
The rise of Ethereum-focused treasuries appears to be a significant factor driving ETH’s recent gains, contributing to a nearly 45% price increase over the past month despite minor dips. Other companies are following suit, adding to the trend’s momentum in the digital asset space.
