ARK Invest acquires $182 million stake in BitMine Immersion

ARK Invest acquired 4,773,444 shares of BitMine Immersion Technologies Inc. (NYSE AMERICAN: BMNR) for $182 million through a block trade connected to the company's at-the-market offering program, according to a company statement.

BitMine plans to use 100% of the net proceeds of $177 million from the transaction to acquire Ethereum (ETH). The bitcoin and ethereum mining company stated it aims to accumulate 5% of all ETH as part of its treasury strategy.

"We are delighted that Cathie Wood's ARK Invest is taking a substantial stake in BitMine as she sees the exponential opportunity ahead as we target reaching 5% of ETH," said Thomas Lee of Fundstrat, who serves as chairman of BitMine's board of directors.

The investment represents support from multiple institutional investors including Cathie Wood, MOZAYYX, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital for BitMine's ethereum acquisition goal.

BitMine operates bitcoin mining facilities in Trinidad and Texas locations including Pecos and Silverton. The company describes itself as focusing on cryptocurrency accumulation for long-term investment through mining operations and capital raising transactions.

The company also provides advisory services and mining services to other companies seeking bitcoin-denominated revenues, along with hashrate financial products and synthetic bitcoin mining involvement.

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