BitMine Lands $182M Investment from Cathie Wood — Most of It Goes to Ethereum

Ethereum

SharpLink Gaming Inc

TradingKey

AuthorBlock Tao

Jul 23, 2025 5:59 AM

TradingKey – On Tuesday, July 22, BitMine Immersion Technologies (NYSE American: BMNR), a newly listed Bitcoin mining company, announced a major investment from Cathie Wood’s ARK Invest, which acquired 4.77 million shares worth $182 million across multiple ARK funds. Of that, $177 million will be used to purchase Ethereum (ETH) .

BitMine went public on June 5, issuing 2.25 million shares at $8 each, raising $18 million earmarked for Bitcoin (BTC) accumulation. On June 17, the company disclosed it had spent $16 million to acquire 154 BTC at an average cost of $106,000 per coin. Then on June 30, BitMine announced a $250 million private placement to build its ETH treasury.

As of press time, BitMine holds 300,000 ETH, making it the second-largest corporate holder behind SharpLink Gaming (SBET), which holds 360,000 ETH.

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SharpLink Gaming Inc Key Insights:The company's fundamentals are relatively healthy. Its valuation is considered undervalued,and institutional recognition is very high. Over the past 30 days, multiple analysts have rated the company as a Buy. The company shows very weak stock market performance, in line with its fundamentals and technicals. The stock price is trading sideways between the support and resistance levels, making it suitable for range-bound swing trading. View Details >>

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