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