ARK Invest has acquired 101,950 shares of Bitmine Immersion Technologies for approximately $4.4 million, following the firm's announcement that it has surpassed 2 million ETH in holdings, valued around $8.9 billion. This transaction is distributed across three ARK funds: the Ark Innovation ETF, Ark Next Generation Internet ETF, and ARK Fintech Innovation ETF, which collectively own 6.7 million Bitmine shares amounting to $284 million. Since beginning to accumulate Ether in April, Bitmine has become the largest Ether treasury company, controlling 1.7% of the total Ether supply and 42% of the corporate Ether amassed to date. Tom Lee, chairman of Bitmine, expressed confidence in Ethereum's long-term prospects, referring to it as a significant macro trade for the next 10-15 years. Meanwhile, Ether's price has shown some stability. Lee also commented on the Federal Reserve's potential interest rate cuts and their positive implications for small-cap equities and crypto markets.

Source đź”—